Below is some budget information for the SockMaker Company for January Year 3: Sales $ 1,000,000 720,000 7,000 Cost of goods sold Utilities expense Administrative salaries Sales commissions 90,000 5% of sales 20,000 42,000 Advertising Depreciation on store equipment Rent on administration building Miscellaneous administrative expenses 70,000 5,000 All operating expenses are paid in cash in the month incurred. Compute the total budgeted selling and administrative expenses (excluding interest) amount for January Year 3