The following budget information is available for the Arch Company for January Year 2: Sales $880,000 Cost of goods sold 560,000 Utilities expense 3,200 Administrative salaries 120,000 Sales commissions 5% of sales Advertising 24,000 Depreciation on store equipment 54,000 Rent on administration building 64,000 Miscellaneous administrative expenses 14,000 All operating expenses are paid in cash in the month incurred. Compute the total budgeted selling and administrative expenses (excluding interest) amount for January Year 2. Multiple Choice $296,500 $321,000 $272,000 O $323,200