Requirement 5. Calculate the budgeted cost of goods sold for blue rugs under each sales assumption. (For amounts with a $0 balance, make sure to enter "0" in the appropriate cell.) Begin by (a) completing the cost of goods sold budget assuming sales of 220,000 rugs, and then (b) complete a cost of goods sold budget assuming sales of 195,000 rugs. Cost of Goods Sold Budget Beginning finished goods inventory Direct materials used Direct manufacturing labor Manufacturing overhead Cost of goods manufactured Cost of goods available for sale (a) 220,000 units $ (b) 195,000 units Deduct ending finished goods inventory Cost of goods sold Requirement 6. Find the budgeted gross margin for blue rugs under each sales assumption. Begin by (a) finding the budgeted gross margin assuming sales of 220,000 rugs, and then (b) finding the budgeted gross margin assuming sales of 195,000 rugs. Budgeted Income Statement Revenues Cost of goods sold Gross margin (a) 220,000 units (b) 195,000 units $