Cost of Goods Sold Budget Soft Glow Candle Inc. budgeted production of 96,800 candles in 2014. Wax is required to produce a candle. Assume that 8 ounces (one-half of a pound) of wax is required for each candle. The estimated January 1, 2014, wax inventory is 3,100 pounds. The desired December 31, 2014, wax inventory is 5,200 pounds. Candle wax costs $3.80 per pound. Each candle requires molding. Assume that 9 minutes are required to mold each candle. Molding labor costs $15.00 per hour Prepare a cost of goods sold budget for Soft Glow Candle Inc., using the information above. Assume that the estimated inventories on January 1, 2014, for finished goods and work in process were $10,560 and $6,440, respectively. Also assume that the desired inventories on December 31, 2014, for finished goods and work in process were $13,050 and $5,920, respectively. Factory overhead was budgeted at $05,170. Round your interim calculations to nearest cent, if required. Soft Glow Candle Inc Cost of Goods Sold Budget For the Year Ending December 31, 2014 Finished goods inventory, January 1, 2014 Work in process inventory, January 1, 2014 Direct materials: Direct materials inventory, January 1, 2014 V Direct materials purchases Cost of direct materials available for use Less direct materials inventory, December 31, 20YA DODO X X Cachat direct la intim Work in process inventory, January 1, 2014 Direct materials: Direct materials inventory, January 1, 2014 Direct materials purchases Cost of direct materials available for use Less direct materials inventory, December 31, 2014 Cost of direct materials placed in production Direct labor Factory overhead Total manufacturing costs Total work in process during the period Less work in process inventory, December 31, 2014 Cost of goods manufactured Cost of finished goods available for sale less finished goods inventory, December 31, 2014 Cost of goods sold