TZ Manufacturing is preparing its budget for next year. The company buys its raw materials from a variety of different suppliers. All of these suppliers offer a cash discount of 3% to customers who settle their accounts immediately in cash. TZ estimates that it will make total raw materials purchases of E400,000 in April, E420,000 in May, E380,000 in June and E360,000 in July. The company expects to settle 25% of each month s total raw materials purchases in cash to qualify for the 3% cash discount. Of the remaining raw materials purchases made on credit, TZ expects to settle 48% in the month after purchase, 35% two months after purchase and 17% three months after purchase. What is TZ Manufacturing s budgeted cash outflow on raw materials purchases in July? A E298,050 B E484,700 E385,350 D E388,050