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Sleep Tight, Inc., manufactures comforters. The estimated inventories on January 1 for finished goods, work in process, and materials were $40,000, $31,000, and $24,000, respectively. The desired inventories on December 31 for finished goods, work in process, and materials were $45,000, $35,000, and $19,000, respectively. Direct materials purchases were $575,000, direct labor was $246,000 for the year, and factory overhead was $155,000. Prepare a cost of goods sold budget for Sleep Tight, Inc. Sleep Tight, Inc. Cost of Goods Sold Budget For the Year Ending December 31 Finished goods inventory, January 1 Work in process inventory, January 1 Direct materials: Direct materials, January 1 Direct materials purchases Cost of direct materials available for sale $ Direct materials inventory, December 31 Cost of direct materials placed in production $ Direct labor Factory overhead Total manufacturing costs Total work in process during the period $ Work in process inventory, December 31 Cost of goods manufactured Cost of finished goods available for sale . Finished goods inventory, December 31 Cost of goods sold $ At the beginning of the period, the Cutting Department budgeted direct labor of $65,440 and supervisor salaries of $39,350 for 4,090 hours of production. The department actually completed 4,500 hours of production. Determine the budget for the department assuming that it uses flexible budgeting. $ 111,350