Choose a format that supports PCM audio (uncompressed) Aside from AVI, MXF and Prores, I am not sure of the other options off-hand. If the video is for streaming on-line, AVC is typically the video codec and must have AAC audio tracks I think. In that case, the audio bitrate can be adjusted. 320kbs sounds pretty good for music but with the higher the bitrate, the larger the file size (just like video), Though even 500+ kbs AAC is significantly less than the picture data.
Even though I'd love to sell you a license, you can also use Voukoder to do the same thing--encode pcm in either an MKV or MOV container. In either case, you can use the x264 codec for video encoding. If all you want to do is render using freeware, Voukoder is the choice.