Prepare a cost of goods sold budget for Soft Glow Candle Co. using the information in the Questions above #2 & 3. Assume the estimated inventories on January 1, 2012, for finished goods and work in process were $12,000 and $4,000, respectively. Also assume the desired inventories on December 31, 2012, for finished goods and work in process were $11,200 and $5,000, respectively. Factory overhead was budgeted at $108,000.