Use the following information about Manning Enterprises to answer question 3. Manning Enterprises manufactures footballs for various professional football leagues, including the National Football League (NFL) and the Canadian Football League (CFL). Manning Enterprises is preparing a bid on a job for the United Football League (UFL) that requires $100,000 of direct materials, $50,000 of direct labor and $30,000 of manufacturing overhead. Manning's CFO, Arch, applies a standard markup based on cost of goods sold to arrive at the company's bid price. Last year's income statement is as follows: Sales Cost of Goods Sold Gross Margin Selling & Administrative Expenses Operating Income 3. What is Manning's bid price for the UFL? $2,400,000 $2,000,000 $400,000 $150,000 $250,000