Good Night 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 material 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 i Less direct materials inventory, December 31 Cost of direct materials placed in production Direct labor Factory overhead Total manufacturing costs i Total work in process during the period Less work in process inventory, December 31 Costs of good manufactured Cost of finished goods available for sale Less finished goods inventory, December 311 Costs of goods sold