Soft Glow Candle Inc. budgeted production of 96,800 candles in 20Y4. Wax is required to produce a candle. Assume that 8 ounces (one-half of a pound) of wax is required for each candle. The estimated January 1, 20Y4, wax inventory is 3,100 pounds. The desired December 31, 20Y4, wax inventory is 5,200 pounds. Candle wax costs $3.80 per pound.

Each candle requires molding. Assume that 9 minutes are required to mold each candle. Molding labor costs $15.00 per hour.

Prepare a cost of goods sold budget for Soft Glow Candle Inc., using the information above. Assume that the estimated inventories on January 1, 20Y4, for finished goods and work in process were $10,560 and $6,440, respectively. Also assume that the desired inventories on December 31, 20Y4, for finished goods and work in process were $13,050 and $5,920, respectively. Factory overhead was budgeted at $95,170. Round your interim calculations to nearest cent, if required.

Soft Glow Candle Inc. Cost of Goods Sold Budget For the Year Ending December 31, 20Y4

Cost of direct materials available for useDirect laborFactory overheadFinished goods inventory, January 1, 20Y4Total work in process during period			$- Select -
Cost of direct materials available for useDirect laborFactory overheadTotal work in process during periodWork in process inventory, January 1, 20Y4		$- Select -
Direct materials:
Cost of direct materials available for useDirect laborDirect materials inventory, December 31, 20Y4Direct materials inventory, January 1, 20Y4Total work in process during period	$- Select -
Cost of goods soldDirect laborDirect materials purchasesFinished goods inventory, December 31, 20Y4Total work in process during period	- Select -
Cost of direct materials available for useCost of finished goods available for saleCost of goods manufacturedCost of goods soldTotal work in process during the period	$- Select -
Less direct laborLess direct materials inventory, December 31, 20Y4Less cost of goods manufacturedLess finished goods inventory, January 1, 20Y4Less total work in process during period	- Select -
Cost of direct materials placed in production	$fill in the blank 13
Cost of goods soldDirect laborTotal work in process during periodWork in process inventory, December 31, 20Y4Work in process inventory, January 1, 20Y4	- Select -
Direct materials inventory, December 31, 20Y4Direct materials inventory, January 1, 20Y4Factory overheadTotal work in process during periodWork in process inventory, December 31, 20Y4	- Select -
Cost of direct materials available for useCost of finished goods available for saleCost of goods manufacturedCost of goods soldTotal manufacturing costs		- Select -
Total work in process during the period		$fill in the blank 20
Less direct laborLess direct materials inventory, December 31, 20Y4Less factory overheadLess finished goods inventory, January 1, 20Y4Less work in process inventory, December 31, 20Y4		- Select -
Cost of direct materials available for useCost of finished goods available for saleCost of goods manufacturedCost of goods soldTotal work in process during the period			- Select -
Cost of direct materials available for useCost of finished goods available for saleCost of goods manufacturedCost of goods soldTotal work in process during the period			$- Select -
Less direct laborLess direct materials inventory, December 31, 20Y4Less factory overheadLess finished goods inventory, December 31, 20Y4Less work in process inventory, December 31, 20Y4			- Select -
Cost of direct materials available for useCost of finished goods available for saleCost of goods manufacturedCost of goods soldTotal work in process during the period			$- Select -