Petrini Corporation makes one product and it provided the following information to help prepare the master budget for the next four months of operations: a. The budgeted selling price per unit is $110. Budgeted unit sales for January, February, March, and April are 7500, 10,600, 12,000, and 11700 units respectively. All sales are on credit. b. Regarding credit sales, 30% are collected in the month of the sale and 70% in the following month. c. The ending finished goods inventory equals 30% of the following month's sales. d The ending raw material s inventory equals 10% of the following month's raw materials production needs. Each unit of finished goods requires 5 pounds of raw materials. The raw materials cost $4.00 per pound. e. Regarding raw materials purchases, 40% are paid for in the month of purchase and 60% in the following month. t. The direct labor wage rate is $23.00 per hour. Each unit of finished goods requires 2.6 direct labor-hours g. Manufacturing overhead is entirely variable and is $8.00 per direct labor-hour h. The variable seling and administrative expense per unit sold is $170. The fxed selling and administrative expense per month is $70.000 The estimated cost of goods sold for February is closest to: Multiple Choice $1,066,360 $220,480