Sleep Tight, Inc., manufactures comforters. The estimated inventories on January $1$ for finished goods, work in process, and materials were $$37,000,$ $$34,000,$ and $$27,000,$ respectively. The desired inventories on December $31$ for finished goods, work in process, and materials were $$43,000,$$$35,000,$ and $$21,000,$ respectively. Direct materials purchases were $$555,000,$ direct labor was $$207,000$ for the year, and factory overhead was $$146,000.$

Prepare a cost of goods sold budget for Sleep Tight, Inc.

Sleep Tight, Inc.

Cost of Goods Sold Budget

For the Year Ending December $31$

Line Item Description

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 materials 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

Amount Amount Amount

$

$

$

$

S