Sleep Tight manufactures comforters. The estimated inventories on January 1 for finished goods, work in process, and materials were $36,000, $31,000 and $25,000 respectively. The desired inventories on December 31 for finished goods, work in process, and materials were $44,000, $36,000 and $23,000 respectively. Direct material purchases were $565,000. Direct labor was $235,000 for the year. Factory overhead was $154,000. 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 $ Work in process inventory, January 1 $ Direct materials, January 1 $ Direct materials purchases Cost of direct materials available for sale $ Less 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 $ 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 $