Sleep Tight, Inc., manufactures comforters. The estimated Inventories on January 1 for finished goods, work in process, and materials were $38,000, $30,000, and $29,000, respectively. The desired inventories on December 31 for finished goods, work in process, and materials were $46,000, $33,000, and $20,000, respectively. Direct materials purchases were $565,000, direct labor was $205,000 for the year, and factory overhead was $146,000. Prepare a cost of goods sold budget for Sleep Tight, Inc. Sleep Tight, Inc. Cost of Goods Sold Budget For the Year Ending December 31 Finished goods inventory, January 1 $ Work in process inventory, January 1 Direct materials: $ Direct materials, January 1 Direct materials purchases 5 Cost of direct materials available for sale Direct materials inventory, December 31 8