PE 22-5B Cost of goods sold budget 0BJ. 4 Prepare a cost of goods sold budget for Soft Glow Candle Inc. using the information in Practice Exercises 223B and 224B. Assume that the estimated inventories on January 1 , 20Y4, for finished goods and work in process were $10,560 and $6,440, respectively. Also assume that the desired inventories on December 31, 20Y4, for finished goods and work in process were $13,050 and $5,920, respectively. Factory overhead was budgeted at $95,170