The following budget information is available for the Arch Company for January Year 2: Sales Cost of goods sold Utilities expense Administrative salaries Sales commissions Advertising Depreciation on store equipment Rent on administration building Miscellaneous administrative expenses $1,040,000 720,000 6,400 280,000 5% of sales 56,000 86,000 96,000 46,000 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