Garcia Corporation has the following budget estimate for the year 200B: Sales Income before tax Selling and administrative expenses Conversion cost Inventories are budgeted as follows: Materials Work-in-Process 2,800,000 10% of sales 25% of sales 70% of total manufacturing cost Beginning Ending 176,000 216,000 200,000 240,000 280,000 336,000 Finished goods 22. The budgeted cost of goods sold is a. 1,764,000 b. 1,820,000 C. 534,800 d. 1,916,000 23. The budgeted purchases of raw materials is a. 614,800 b. 574,800 c. 534,800 d. 1,916,000