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$(1).$ Begin by calculating $(1)$ the cost of goods sold budget $($label it Schedule $7)$ for the year ending December $31,2020.$

Schedule $7$: Cost of Goods Sold Budget

for the Year Ending December $31,2020$

Data table

$\backslash$table$[[$Revenues$,753,200],[$Beginning inventory of finished goods $(1-1-2020),70,246],[$Ending inventory of finished goods, $12-31-2020,65,174],[$Direct materials used,$196,000],[$Direct manufacturing labor,$79,100],[$Manufacturing overhead,$117,320],[$Variable marketing costs $(6\%$ of revenues$),],[$Fixed marketing costs,$38,000],[$Variable distribution costs $($$$1\mathrm{.}00$ per cu$.$ ft$.$ for $33,000cu.,42,000],[$ft$.),76,000]]$