% T16-5 (similar to) = Question Help Sparkle 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. Data Table x Schedule 7: Cost of Goods Sold Budget for the Year Ending December 31, 2017 Beginning finished goods inventory, January 1, 2017 Direct materials used $ $ 58,626 Revenues $ 1,180,800 58,626 491,000 63,000 48,562 114,560 Direct manufacturing labor Manufacturing overhead Cost of goods manufactured Cost of goods available for sale 491,000 63,000 668,560 Beginning inventory of finished goods (1-1-2017) Ending inventory of finished goods, 12-31-2017 Direct materials used Direct manufacturing labor Manufacturing overhead Variable marketing costs (7% of revenues) Fixed marketing costs Variable distribution costs ($2.50 per cu. ft. for 35,000 cu. ft.) 727,186 114,560 Deduct ending finished goods inventory, December 31, 2017 48,562 $ 678,624 47,000 Cost of goods sold (2). Calculate the nonmanufacturing costs budget (label it Schedule 8) for the year ending December 31, 2017. (If a box is not used in the table leave the box empty; Fixed distribution costs 44,000 Schedule 8: Nonmanufacturing Costs Budget Fixed administration costs 77,000 for the Year Ending December 31, 2017 Print Done Choose from any list or enter any number in the input fields and then click Check Answer. Administration costs 77,000 129,656 Marketing 77,000 $ 47,000 44,000 82,656 87,500 Distribution 131,500 170,156 $ 168,000 $ 338,156 (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 Part 3 only