Sleep Tight manufactures comforters. The estimated inventories on January 1 for finished goods, work in process, and materials were $39,000, $30,000 and $25,000 respectively. The desired inventories on December 31 for finished goods, work in process, and materials were $46,000, $35,000 and $19,000 respectively. Direct material purchases were $560,000. Direct labor was $244,000 for the year. Factory overhead was $160,000.

Sleep Tight manufactures comforters. The estimated inventories on January 1 for finished goods, work in process, and materials were $39,000, $30,000 and $25,000 respectively. The desired inventories on December 31 for finished goods, work in process, and materials were $46,000, $35,000 and $19,000 respectively, Direct material purchases were $560,000. Direct labor was $244,000 for the year. Factory overhead was $160,000. Prepare a cost of goods sold budget for Sleep Tight, Inc Sleep Tight, Inc. Cost of Goods Sold Budget Finished goeds inventory, January 1 Work in process inventory, Jenuary 1 Direct matenials Direct materls, January l Direct materials purchases Cost of direct materials valable for sale Less direct materiels inventory, December 31 Cost of direct materials placed in production Direct labor Factory ovwerhead Total manufacturing coets Total work in process during the peried Less work in process inventory, December 31 Cost of goods manufectured Cost of finished goods available for sale Less finished goods imventory, December 31 Cost of goods sold