Show Mc How Calcuafor Cost of Goneds Sold Budge Daybook Inc. budgcted production o 403,300 personal cur als in 20YG Paper is required to produce ournal. Assume s x square vards c papcr arc required or "ch ournal. The cstimated 1anuary 1, 20YG, papcr inventory?40,400 squara yan : The desired December 31, 20Y6, peper imventery is 30,900 square yards. Paper oosts 0,40 per square yard Each Sournal requires assembly. Assume that elqht minutes are required tn assamble ?ach lournal. Assembly labor costs $13.00 per hn Prepare ? cost goods du budget or Le ook r c us ng e im crmaton a ove. Asur e he esume ed inventores on January 1 20Y . Ur fimshed yocas and workin process were SZB 0 U and 10,500 respectively, A so assure the desired inventaries nn December 31, 20Ys, tor rinished goods and wark in prcess were $30,000 and $14,300,repectivety. Fartory averhead was budgeted at $214,00. Round yoaur interim calelatians to nearest cent, ir required PE.22-04A . PE.22-05A Cost of Goods Sold Budgct For the Year Ending Docember 31, 20YG Finished goods inventory, January 1, 20YG Work in Urect matsas 1, 20Y6 Diret materials nventury Diredt malerials purclhases Cost of direct materlals avallable for use Less diroct matorials Inwentory, December 31, 20YG cst af drect matenals pazed in producion Direct labor Tatal work in process durina pered