Production: 159,000 books Estimated Inventories 1/1: Finished Goods $ 32,000 WIP 15,000 Desired Inventories 12/31: Finished Goods $ 34,500 WIP 14,000 Factory Overhead Budget: $ 225,000 Direct Materials: 1 Book = 8 square yards of paper Estimated Inventory 1/1 (units) 30,500 Desired Inventory 12/31 (units) 27,000 Cost of paper: $ 0.70 per square yard Direct Labor: 1 Book - 12 minutes to assemble DL cost: $ 14.50 per hour Required: Prepare a Cost of Goods Sold Budget for the year