mning resour... FR Federal Reserve Board - Open Market Operations C Chegg Study Order Confirmation | Chegg.com Sleep Tight, Inc., manufactures comforters. The estimated inventories on January 1 for finished goods, work in process, and materials were $37,000, $32,000, and $28,000, respectively. The desired inventories on December 31 for finished goods, work in process, and materials were $44,000, $33,000, and $19,000, respectively. Direct materials purchases were $565,000, direct labor was $218,000 for the year, and factory overhead was $151,000. Prepare a cost of goods sold budget for Sleep Tight, Inc. Sleep Tight, 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, January 1 Direct materials purchases Cost of direct materials available for sale 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 Previous Next