Shimmer Corporation manufactures and sells two types of decorative lamps, Knox and Ayer. The following data are available for the year 2017. (Click the icon to view the information.) Calculate (1) the cost of goods sold budget (label it Schedule 7) (2) the nonmanufacturing costs budget (label it Schedule 8) and (3) the operating income budget for the year ending December 31, 2017. (1). Begin by calculating (1) the cost of goods sold budget (label it Schedule 7) for the year ending December 31, 2017. Schedule 7: Cost of Goods Sold Budget for the Year Ending December 31, 2017 Data table I Revenues Beginning inventory of finished goods (1-1-2017) Ending inventory of finished goods, 12-31-2017 Direct materials used Direct manufacturing labor Manufacturing overhead $ 1,060,300 58,215 42,810 435,000 58,650 119,400 Variable marketing costs (8% of revenues) Fixed marketing costs 44,000 Variable distribution costs ($2.50 per cu. ft. for 28,000 cu. ft.) Fixed distribution costs 38,000 Fixed administration costs 72,000