Given the following information, the budgeted operating income for the quarter ended March 31 using the accrual basis of accounting be All sales are on account and are budgeted as follows: January $350,000; February $360,000; and March $400,000. Cash collections on sales are 70% of its sales in the month of sale and 30% in the following month. Cost of goods sold averages 60% of sales. Cash operating expenses total $60,000 per month and are paid when incurred. Monthly depreciation is $16,000. Multiple Choice 1 0 $404,000. 0 $216,000. 0 $224,000. 0 $632,000