Show Me How Cost of Goods Sold Budget Daybook Inc. budgeted production of 403,500 personal journals in 20Y6. Paper is required to produce a journal. Assume six square yards of paper are required for each yournal. The estimated Each journal requires assembly. Assume that eight minutes are required to assemble each journal. Assembly labor costs $13.00 per hour. January 1, 20Y6, paper inventory is 40,400 square yards. The desired December 31, 20Y6, paper inventory is 38,900 square yards. Paper costs $0.40 per square yard Prepare a cost of goods sold budget for Daybook Inc. using the information abeve. Assume the estimated inventories on January 1, 20Y6, for finished goods and work in process were $28,000 and $16,500, respectively. Also assume the desired inventories on December 31, 20Y6, for finished goods and work in process were $.30,000 and $14,300, respectively. Factory overhead was budgeted at $214,600. Round your interim calculations to nearest cent, if required. DAYBOOK INC. Cost of Goods Sold Budget For the Year Ending December 31, 20Ys Direct maberials: Cost of direct materialis placed in production Its otal work in process during period eipt