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 $$28,000,$ respectively. The desired inventories on December $31$ for finished goods, work in process, and materials were $$42,000,$ $$35,000,$ and $$20,000,$ respectively. Direct materials purchases were $$550,000,$ direct labor was $$237,000$ for the year, and factory overhead was $$142,000.$Prepare a cost of goods sold budget for Sleep Tight, Inc.Sleep Tight, Inc.Cost of Goods Sold BudgetFor the Year Ending December $31$Line Item DescriptionAmountAmountAmountFinished goods inventory, January $1$$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 purchasesDirect materials purchasesCost of direct materials available for sale$Cost of direct materials available for saleDirect materials inventory, December $31$Direct materials inventory, December $31$Cost of direct materials placed in production$Cost of direct materials placed in productionDirect laborDirect laborFactory overheadFactory overheadTotal manufacturing costsTotal manufacturing costsTotal work in process during the period$Total work in process during the periodWork in process inventory, December $31$Work in process inventory, December $31$