Magnify 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. (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 Direct manufacturing labor Manufacturing overhead Revenues S 1,036,200 Beginning inventory of finished goods (1-1-2020) 49,310 Ending inventory of finished goods, 12-31-2020 32,225 Direct materials used 242,000 45,150 207,400 Variable marketing costs (6% of revenues) Fixed marketing costs 44,000 Variable distribution costs ($1.00 per cu. ft. for 26,000 cu. ft.) Fixed distribution costs 46,000 Fixed administration costs 80,000 - X