Good Night, Inc., manufactures comforters. The estimated inventories on January 1 for finished goods, work in process, and materials were $51,000, $28,000, and $33,000, respectively. The desired inventories on December 31 for finished goods, work in process, and materials were $48,000, $35,000, and $29,000, respectively. Direct materials purchases were $555,000. Direct labor was $252,000 for the year. Factory overhead was $176,000. Prepare a cost of goods sold budget for Good Night, Inc. Good Night, Inc. Cost of Goods Sold Budget For the Year Ending December 31 Finished goods inventory, January 1 Work in process inventory, January 1 Direct materials: Direct materials inventory, January 1 Direct materials purchases Cost of direct materials available for use Direct materials inventory, December 31 33,000 355.000 31,000 28,000 V 21,000 Cost of direct materials placed in production x Direct laber 232,000 Factory overhead 17000 Total manufacturing costs Total work in process during the period Work a process inventory, December 31 Oleck My Work All w 35,00 Next>>