Please answer part 1, 2 and 3

Bright Light Corporation manufactures and sells two types of decorative lamps, Knox and Ayer. The following data are available for the year 2020. B (Click the icon to view the information.) Calculate (1) the cost of goods sold budget (label it Schedule 7) (2) the operating (nonmanufacturing) costs budget (label it Schedule 8) and (3) the cperating income budget for the year ending Decemnber 31, 2020. (1). Begin by calculating (1) the cost of goods sold budget (label it Schedule 7) for the year ending December 31, 2020 Schedule 7: Cost of Goods Sold Budget for the Year Ending December 31, IBegmmng finished goods inventory, January 1, 2020 2020 Direct materials used 511000 Direct manufacturing labor 90400 Manufacturing overhead 174800 Cost of goods available for sale Cost of goods manufactured Deduct ending finished goods inventory, December 31, 2020 Cost of goods sold 55380 776200 831580 36400 795180 Data table Revenues Beginning inventory of finished goods (1-1 -2020) Ending inventory of finished goods, 12-31-2020 Direct materials used Direct manufacturing labor Manufacturing overhead Variable marketing costs (3% of revenues) Fixed marketing costs Variable distribution costs ($0.50 per cu. ft. for 27,000 cu. ft) Fixed distribution costs Fixed administration costs Y - $ 1,190,100 55,380 | 36,400 | 511,000 90,400 174,800 | 39,000 44,000