5. EX.21-165 ALGO (Algorithmic) Sleep Tight manufactures comforters. The estimated inventories on January 1 for finished goods, work in process, and materials were $37,000, $34,000 and $28,000 respectively. The desired inventories on December 31 for finished goods, work in process, and materials were $41,000, $35,000 and $21,000 respectively. Direct material purchases were $555,000. Direct labor was $239,000 for the year. Factory overhead was $156,000. 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 $ Less direct materials inventory, December 31 Cost of direct materials placed in production$