ht manufactures comforters. The estimated inventories on January 1 for finished goods, work in process, and materials were $37,000, Sleep Tig $33,000 and $28,000 respectively. The desired inventories on December 31 for finished goods, work in process, and materials were $46,000, $37,000 and $21,000 respectively. Direct material purchases were $570,000. Direct labor was $232,000 for the year. Factory overhead was $150,000 Prepare a cost of goods sold budget for Sleep Tight, Inc. Sleep Tight, Inc. Cost of Goods Sold Budget Finished goods inventory, January 1 Work in process inventory, January 1 Direct materials: Direct materials, January 1 Direct materials purchases Cost of direct materials available for sale 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 perlod Less work in process inventory, December 31 Cost of goods manufactured Cost of finished goods available for sale