Light Up Corporation manufactures and sells two types of decorative lamps, Knox and Ayer. The following data are available for the year 2020. (Click the icon to view the information.) Calculate (1) the cost of goods sold budget (label it Schedule 7) (2) the operating (nonmanufacturing) costs budget (label it Schedule 8) and (3) the operating income budget for the year ending December 31, 2020. Data table Revenues Beginning inventory of finished goods (1-1-2020) Ending inventory of finished goods, 12-31-2020 Direct materials used Direct manufacturing labor Manufacturing overhead 862,400 58,518 44,244 351,000 36,400 105,840 Variable marketing costs (9% of revenues) Fixed marketing costs 38,000 Variable distribution costs ($2.50 per cu. ft. for 31,000 cu. ft.) Fixed distribution costs. 37,000 Fixed administration costs 72,000 Print Done