Statement of Cost of Goods Sold Beginning Work in Process Inventory 5 - Direct Materials: Materials: Beginning 0 Add: Purchases for month of January S 20,000 Materials available for use 20,000 Deduct: Ending materials 4,000 Materials Used 16,000 Direct Labor 8,493 Overhead 3,765 Total Costs 5 28,258 Deduct: Ending Work in Process Inventory 0 Cost of Goods Sold 5 28,258 [Compare the actual cost of goods sold over the last month and evaluate the company's performance against the budgeted benchmarks. Are the numbers close to What you expected? Interpret the performance and explain what happened]