Sleep Tight, Inc, manufactures comforters. The estimated inventories on January $1$ for finished goods, work in process, and materials were $$39,000,$ $$34,000,$ and $$28,000,$ respectively. The desired inventories on December $31$ for finished goods, work in process, and materials were $$41,000,$$$38,000,$ and $$22,000,$ respectively. Direct materials purchases were $$580,000,$ direct labor was $$239,000$ for the year, and factory overhead was $$143,000.$

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 sale

Direct materlals inventory, December $31$

Cost of direct materials placed in production $

Direct labor

Factory overhead

Total manufacturing costs

Total work in process during the period

Work in process inventory, December $31$

Cost of goods manufactured

Cost of finished goods available for sale

Finished goods inventory, December $31$

Cost of goods sold