Sevenbergen Corporation makes one product and has provided the following information to help prepare the master budget for the next four months of operations: $ 92 Budgeted selling price per unit Budgeted unit sales (all on credit): July August September October 9,000 11,300 10,400 10,800 Raw materials requirement per unit of output 4 pounds Raw materials cost $ 1.00 per pound Direct labor requirement per unit of output 2.8 direct labor-hours Direct labor wage rate $ 22.00 per direct labor-hour Variable selling and administrative expense $ 1.50 per unit sold Fixed selling and administrative expense $ 70,000 per month Credit sales are collected: 40% in the month of the sale 60% in the following month Raw materials purchases are paid 30% in the month of purchase 70% in the following month The ending finished goods inventory should equal 20% of the following month's sales. The ending raw materials inventory should equal 30% of the following month's raw materials production needs. The estimated selling and administrative expense for August is closest to Credit sales are collected: 40% in the month of the sale 60% in the following month Raw materials purchases are paid: 30% in the month of purchase 70% in the following month The ending finished goods inventory should equal 20% of the following month's sales. The ending raw materials inventory should equal 30% of the following month's raw materials production needs. The estimated selling and administrative expense for August is closest to: Multiple Choice 0 $57.970 $16.950 $70,000 586,950