Sleep Tight, Inc., manufactures comforters. The estimated inventories on January 1 for finished goods, work in process, and materials were $36.000, $33,000 and $25,000 respectively. The desired Inventories on December 31 fot finished goods, work in process, and materials were 142.000 $12.000 and $23,000 respectively, Direct materials purchases were $570,000, direct labor was $239,000 for the year, and factory overhead was $149,000. 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 36,000 Work in process inventory, January 1 33.000 Direct materials: Direct materials, January 1 25,000 Direct materials purchases $70,000 Cost of direct materials available for use 595.000 Less direct materials inventory, December 31 23.000 Cost of direct materials placed in production 572,000 239.000 Direct labor 149.000 Factory overhead 960.000 Total manufacturing costs Total work in process during the period 33.000 Less work in process inventory, December 31 Cost of goods manufactured 36,000 33.000 23.000 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 25.000 Direct materials purchases 570,000 Cost of direct materials available for use 595.000 Less direct materials inventory, December 31 Cost of direct materials placed in production 572.000 Direct labor 239.000 Factory overhead 149,000 Total manufacturing costs Total work in process during the period Less work in process inventory, December 31 Cost of goods manufactured Cost of finished goods available for sale Less finished goods inventory, December 31 Cost of goods sold 960.000 33.000 no