Cost of Goods Sold Budget Magnolia Candle Inc. budgeted production of 74,200 candles in 20Y4. Wax is required to produce a candle. Assume that eight ounces (one-half of a pound) of wax is required for each candle. The estimated January 1, 20Y4, wax inventory is 2,500 pounds. The desired December 31, 20Y4, wax inventory is 2,100 pounds. Candle wax costs $4.10 per pound Each candle requires molding. Assume that 12 minutes are required to mold each candle. Molding labor costs $14.00 per hour Prepare a cost of goods sold budget for Magnolia Candle Inc, using the information above. Assume that the estimated inventories on January 1, 20Y4, for finished goods and work in process were $9,800 and $3,600, respectively. Also assume that the desired inventories on December 31, 20Y4, for finished goods and work in process were $12,900 and $3,500, respectively. Factory overhead was budgeted at $109,600. Round your interim calculations to nearest cent, if required. MAGNOLIA CANDLE INC Cost of Goods Sold Budget For the Year Ending December 31, 20Y4 Finished goods inventory, January 1, 20V4 V Work in process inventory, January 1, 20Y4 Direct materials: 9,800 3,600 Direct materials inventory, January 1, 20Y4 Direct materials purchases Cost of direct materials available for use Less direct materials inventory, December 31, 20YA Cost of direct materials placed in production Direct labor Y Factory overhead Total manufacturing costs Total work in process during the period Less work in process inventory, December 31, 20Y4 Cost of goods manufactured Cost of finished goods available for sale Less finished goods inventory, December 31, 20Y4 Cost of goods sold