Jimenez Corporation manufactures and sells two types of decorative lamps, Knox and Ayer. The following data are available for the year 2017. The numbers below represent the calculations from the previous Try It! examples (6-1 through 6-4) together with the relevant schedule numbers from those examples.

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.

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Revenues (Schedule 1) $925,000 Beginning inventory of finished goods (1-1-2017) 76,200 Ending inventory of finished goods, 12-31-2017 (Schedule 6B) 59,300 Direct materials used (Schedule 3A) 350,000 Direct manufacturing labor (Schedule 4) 100,000 Manufacturing overhead (Schedule 5) 143,000 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 40,000 Fixed administration costs 75,000