Cost of Goods Sold Budget MyLife Chronicles Inc. budgeted production of 238,900 diaries in 2016. Paper is required to produce a diary. Assume five square yards of paper are required for each diary. The estimated January 1, 2016, paper inventory is 32,400 square yards. The desired December 31, 2016, paper inventory is 30,800 square yards. Paper costs $0.30 per square yard. Each diary requires assembly. Assume that six minutes are required to assemble each diary. Assembly labor costs $12.00 per hour. Prepare a cost of goods sold budget for My Life Chronicles Inc, using the information above. Assume the estimated Inventories on January 1, 2016, for finished goods and work in process were $25,000 and $19,000, respectively. Also assume the desired inventories on December 31, 2016, for finished goods and work in process were $31,500 and $16,700, respectively. Factory overhead was budgeted at $197,100. Round your interim calculations to nearest cent, if required. MyLife Chronicles Inc. Cost of Goods Sold Budget For the Year Ending December 31, 2016 Direct materials: Cost of direct materials placed in productions Total work in process during period