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

Less direct materials inventory, December $31$

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 $31$

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