Sleep Tight, Inc. manufactures comforters. The estimated inventories on January 1 for finished goods, work in process, and materials were $38,0DD, $32,000, and $28,000, respectively. The desired inventories on December 31 for finished goods, work in process, and materials were S43,000, $34,000, and $22,000, respectively. Direct materials purchases were $570,ODD, direct labor was $220,000 for the year, and factory overhead was $145,000 Labels and Amount Descriptions Propare a cost of goods sold buoget for Sloop Tight, Inc. Refor to the ists of Labels and Amount Descriptions for the exact wording of the answer Labels For the Year Ending December 31 Direct materials chaices for text entries. Less" or Plus" wil r if it is Be sure lo he statement h Cost of Goods Sold Budget Label) Cost of direct materials placed in production Cost of finished goods available for sale Cost of direct materials available for use Costs of good manufactured Costs of goods sold Direct labor Direct materials inventory, December 31 Direct materials inventory, January 1 Direct materials purchases Factory overhead Finished goods inventory, December 31 Finished goods inventory, January 1 Total manufacturing costs Total work in process during the Work in process inventory, December 31 Work in process inventory, January 1 3 (Label) 10 12 15 period 14 15 16 17