Cost of Goods Sold Budget Soft Glow Candle Inc. budgeted prodiuction of 96,800 candles in 20r4. Wax is required to produce a candle. Assume that 8 ounces (onehalf of a pound) of wax is required for each candle. The estimated January 1, 20Y4, wax inventory is 3,100 pounds. The desired December 31,20Y4, 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 1,20Y4, for finished goods and work in process were $10,560 and $6,440, respectively. Also assume that the desired inventories on December 31,20Y4, for finished goods and work in process were $13,050 and $5,920, respectively. Factory overhead was budgeted at $95,170. Round your interim calculations to nearest cent, if required. Cost of Goods Sold Budget For the Year Ending December 31, 20Y4 Direct materials: Cost of direct materials placed in production Total work in process during the period