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Sleep Tight, Inc., manufactures comforters. The estimated inventories on January 1 for finished goods, work in process, and materials were $39,000, $33,000, and $27,000, respectively. The desired inventories on December 31 for finished goods, work in process, and materials were $45,000, $33,000, and $20,000, respectively. Direct materials purchases were $550,000, direct labor was $235,000 for the year, and factory overhead was $148,000.

Prepare a cost of goods sold budget for Sleep Tight, Inc.

Line Item Description	Amount	Amount	Amount
Finished goods inventory, January 1			$Finished goods inventory, January 1
Work in process inventory, January 1		$Work in process inventory, January 1
Direct materials:
Direct materials, January 1	$Direct materials, January 1
Direct materials purchases	Direct materials purchases
Cost of direct materials available for sale	$Cost of direct materials available for sale
Direct materials inventory, December 31	Direct materials inventory, December 31
Cost of direct materials placed in production	$Cost of direct materials placed in production
Direct labor	Direct labor
Factory overhead	Factory overhead
Total manufacturing costs		Total manufacturing costs
Total work in process during the period		$Total work in process during the period
Work in process inventory, December 31		Work in process inventory, December 31
Cost of goods manufactured			Cost of goods manufactured
Cost of finished goods available for sale			$Cost of finished goods available for sale
Finished goods inventory, December 31			Finished goods inventory, December 31
Cost of goods sold			$Cost of goods sold