%) T16-5 (book/static) Question Help Jimenez 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 Beginning finished goods inventory, January 1, 2017 Direct manufacturing labor Manufacturing overhead Direct materials used Cost of goods manufactured Cost of goods available for sale Deduct ending finished goods inventory, December 31, 2017 Cost of goods sold (2). Calculate the nonmanufacturing costs budget (label it Schedule 8) for the year ending December 31, 2017. (f a box is not used in the table leave the box empty; do not enter a zero.) $ 76,200 100,000 143,000 350,000 593,000 669,200 59,300 $ 609,900 Schedule 8: Nonmanufacturing Costs Budget for the Year Ending December 31, 2017 Variable Costs Data Table Business Function Fixed Costs Total Costs Marketing Distribution Administration costs 80,000 85,000 75,000 82,000 $ 158,000 $ 240,000 37,000$ 45,000 43,000 $ 40,000 75,000 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 S 925,000 76,200 59,300 350,000 100,000 143,000 (3). Calculate the operating income budget for the year ending December 31, 2017 Budgeted Income Statement for Jimenez Corporation for the Year Ending December 31, 2017 Variable marketing costs (4% of revenues) Fixed marketing costs 43,000 Variable distribution costs ($1.50 per cu. ft. for 30,000 cu. ft) Fixed distribution costs Fixed administration costs 40,000 75,000 Print Done