Goalies Ball, Inc. makes one product, soccer balls, and it provided the following information to help prepare the master budget for the next several quarters of operations:

• The budgeted selling price per unit is $30.00. Budgeted unit sales for 1^st quarter, 2^nd quarter, 3^rd quarter, and 4^thquarter 2022 are 111,800 units; 109,600 units; 112,400 units; and, 114,200 units, respectively. All sales are on credit.
• Regarding credit sales, 25% are collected in the quarter of the sale and 75% in the following quarter.
• The ending finished goods inventory equals 15% of the following quarter's sales.
• The ending raw materials inventory equals 35% of the following quarters raw materials production needs. Each unit of finished goods requires 8 meters of raw materials. The raw materials cost $0.75 per meter.
• Regarding raw materials purchases, 10% are paid for in the quarter of purchase and 90% in the following quarter.
• Each unit of finished goods requires 0.5 direct labor-hours (DLh). The DL wage rate is $16.00 per DL hour.
• Variable overhead is $3.80 per DL hour. Assume there is no Fixed OH.
• The variable selling, general, and administrative expense per unit sold is $2.80. The fixed selling, general and administrative expense per quarter is $216,900.

Calculate budgeted net income for the 1^st quarter. Assume interest expense is $1,500 for the quarter and income taxes are assessed at 25%.

Group of answer choices

$788,790

$804,045

$765,060

$772,440

$783,705