The following budget information is available for the Arch Company for January Year 2: Sales Cost of goods sold $1,010,000 690,000 Utilities expense 5,800 Administrative salaries 250,000 Sales commissions 5% of sales Advertising 50,000 Depreciation on store equipment 80,000 Rent on administration building 90,000 Miscellaneous administrative 40,000 expenses 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 $517,500 $568,000 $480,000 $566,300