Daybook Inc. A budget of estimated unit production.budgeted production of 403,500 personal journals in 20Y6. Paper is required to produce a journal. Assume six square yards of paper are required for each journal. The estimated January 1, 20Y6, paper inventory is 40,400 square yards. The desired December 31, 20Y6, 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 An accounting device used to plan and control resources of operational departments and divisions.budget for Daybook Inc. using the information above. Assume the estimated inventories on January 1, 20Y6, for finished goods and work in process were $28,000 and $16,500, respectively. Also assume the desired inventories on December 31, 20Y6, 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, 20Y6
Cost of finished goods available for sale Direct labor Factory overhead Finished goods inventory, January 1, 20Y6 Finished goods inventory, December 31, 20Y6			$
Cost of finished goods available for sale Cost of goods manufactured Factory overhead Work in process inventory, December 31, 20Y6 Work in process inventory, January 1, 20Y6		$
Direct materials:
Cost of goods manufactured Direct materials inventory, January 1, 20Y6 Factory overhead Finished goods inventory, December 31, 20Y6 Total work in process during period Work in process inventory, January 1, 20Y6	$
Cost of goods sold Direct labor Direct materials purchases Finished goods inventory, December 31, 20Y6 Work in process inventory, December 31, 20Y6
Cost of direct materials available for use Cost of finished goods available for sale Cost of goods manufactured Cost of goods sold Total manufacturing costs	$
Less direct labor Less direct materials inventory, December 31, 20Y6 Less factory overhead Less finished goods inventory, January 1, 20Y6 Less total work in process during period
Cost of direct materials placed in production	$
Cost of goods sold Direct labor Direct materials purchases Finished goods inventory, January 1, 20Y6 Work in process inventory, January 1, 20Y6 Work in process inventory, December 31, 20Y6
Cost of goods manaufactured Direct materials inventory, December 31, 20Y6 Direct materials inventory, January 1, 20Y6 Factory overhead Work in process inventory, December 31, 20Y6
Cost of direct materials available for use Cost of finished goods available for sale Cost of goods manufactured Cost of goods sold Total manufacturing costs
Total work in process during period		$
Less direct labor Less direct materials inventory, December 31, 20Y6 Less factory overhead Less finished goods inventory, January 1, 20Y6 Less work in process inventory, December 31, 20Y6
Cost of direct materials available for use Cost of finished goods available for sale Cost of goods manufactured Cost of goods sold Total manufacturing costs
Cost of direct materials available for use Cost of finished goods available for sale Cost of goods manufactured Cost of goods sold Total manufacturing costs			$
Less direct labor Less direct materials inventory, December 31, 20Y6 Less factory overhead Less finished goods inventory, December 31, 20Y6 Less work in process inventory, December 31, 20Y6
Cost of direct materials available for use Cost of finished goods available for sale Cost of goods manufactured Cost of goods sold Total manufacturing costs			$