Sleep Tight, Inc., manufactures comforters. The estimated inventories on January 1 for finished goods, work in process, and materials were $40,000, $35,000 and $27,000 respectively. The desired inventories on December 31 for finished goods, work in process, and materials were $44,000, $33,000 and $23,000 respectively. Direct materials purchases were $565,000, direct labor was $212,000 for the year, and factory overhead was $158,000. 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 Cost of direct materials available for use