Mauger Industries manufactures wonderflonium. For each unit of wonderflonium, 50 kg of flonium is required. The projected sales in units are: January February March AprilSales 1,000 1,200 1,500 1,600The projected production requirements for the next four months are: January February March AprilProduction 1,020 1,230 1,510 1,460For direct materials, ending inventory is required to be 15% of the next month’s production needs. For finished goods, ending inventory should be 10% of the next month’s sales. Each kilogram of flonium costs $2.00. There are no work-in-process accounts. Direct labour for the next quarter is estimated at $56,250. Fixed overhead for the quarter is $100,000, and variable overhead is $3.00 per unit produced. The opening balance in finished goods on January 1 is 10% of estimated sales and is $14,500. The company uses FIFO. All prices have remained stable over the period.What is the budgeted cost of goods sold for the quarter ending March 31?