Sleep Tight, Inc., manufactures comforters. The estimated inventories on January 1 for finished goods, work in process, and materials were $40,000, $33,000, and $26,000, respectively. The desired invento ries on December 31 for finished goods, work in process, and materials were $46,000,$35,000, and $22,000, respectively. Direct materials purchases were $580,000, direct labor was $215,000 for the year, and factory overhead was $157,000. 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