Consider the following budget information: direct materials to be used or placed in production totals $64,750; direct labor totals $198,400; and factory overhead totals $394,800. Assume the expected work in process inventory on January 1, 2023, was $189,100; and the desired work in progress inventory on December 31, 2023, is $197,600. What is the budgeted cost of goods manufactured? $649,450 $197,600 $1,044,650 $657,950