Cost of Goods Sold Budget Daybook Inc. budgeted production of 403,500 personal Journals in 2016. Paper is required to produce a joumal. Assume six square yards of paper are required for each journal . The estimated January 1, 2076, paper inventory. is 40,400 square yards. The desired December 31, 2076, paper inventory is 38,900 square yards. Paper costs $0.40 per square yard Each Journal requires assembly, Assume that eight minutes are required to assemble each Journal Assembly labor costs $13.00 per hour, Prepare a cost of goods sold budoet for Daybook Inc. using the information above. Assume the estimated Inventories on January 1, 2046, for finished goods and work in process were $28,000 and $16,500, respectively. Also assume the desired Inventories on December 31, 2016, for finished goods and work in process were $30,000 and $14,300, respectively. Factory overhead was budgeted at $214,600. Round your Interim calculations to nearest cent, if required. DAYBOOK INC. Cost of Goods Sold Budget For the Year Ending December 31, 2016 Direct materials QUI Cost of direct materials placed in production eBook Show Me How Calculator For the Year Ending December 31, 2016 Direct materials: Cost of direct materials placed in production Total work in process during period