Assume a manufacturing company provides the following information from its master budget for the month of May: Unit sales Selling price per unit Direct materials cost per unit Direct labor cost per unit Predetermined overheard rate (based on direct labor dollars) 7,700 $ 50 $ 18 $ 16 75% If the company maintains no beginning or ending inventories, what is the budgeted gross margin for May? Multiple Choice $23,100 $30,800 $7,700 O O $20,800