Sleep Tight, Inc., manufactures comforters. The estimated inventories on January $1$ for finished goods, work in process, and materials were $$37,000,$ $$32,000,$ and $$24,000,$ respectively. The desired inventories on December $31$ for finished goods, work in process, and materials were $$45,000,$ $$33,000,$ and $$19,000,$ respectively. Direct materials purchases were $$580,000,$ direct labor was $$229,000$ for the year, and factory overhead was $$145,000.$

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

Sleep Tight, Inc.

Cost of Goods Sold Budget

For the Year Ending December $31$

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