Sleep Tight manufactures comforters. The estimated inventories on January 1 for finished goods, work in process, and materials were $38,000, $32,000 and $29,000 respectively. The desired inventories on December 31 for finished goods, work in process, and materials were $41,000, $34,000 and $19,000 respectively. Direct material purchases were $570,000. Direct labor was $206,000 for the year. 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	x	x	x
Work in process inventory, January 1
Direct materials:
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