5. Preparing a cost of goods sold budget Aa Aa Heritage Products manufactures replicas of everyday items used during military reenactments. The company's direct materials purchases budget, direct labor cost budget, and factory overhead cost budget for 2015 have been prepared, as well as additional information related to Heritage's inventory balances. 2015 Budgets and Inventory Balances Complete the following cost of goods sold budget for Heritage Products. Note: This problem contains a check figure (V).) Heritage Products Cost of Goods Sold Budget For the Year Ending December 31, 2015 Finished goods inventory, January 1, 2015 Work in process inventory, January 1, 2015 Direct materials: Direct materials inventory, January 1, 2015 Direct materials purchases Cost of direct materials available for use Less direct materials inventory, December 31, 2015 Cost of direct materials placed into production Direct labor Factory overhead Total manufacturing costs Total work in process during period Less work in process inventory, December 31, 2015 Cost of goods manufactured Cost of finished goods available for sale Less finished goods inventory, December 31, 2015 Cost of goods sold (V)