Preparing a Cost of Goods Sold Budget Lazlo Company manufactures a line of table lamps. Each lamp takes $5.00 of direct materials and uses 0.9 direct labor hour at $18.00 per direct labor hour. The variable overhead rate is $1.00 per direct labor hour and the fixed overhead rate is $2.00 per direct labor hour. Lazlo expects to produce 16,000 lamps next year and expects to have 830 lamps in ending inventory. There is no beginning inventory of table lamps. Required: Prepare a cost of goods sold budget for Lazlo Company. Enter all amounts as positive numbers. Lazlo Company Cost of Goods Sold Budget For the Coming Year Direct materials $ 80,000 Direct labor 259,200 Variable overhead 14,400 Fixed overhead 28,800 Total manufacturing cost $382,400 Less: Ending inventory 830 x Cost of goods sold $ 381,570