Statement of Cost of Goods Sold Beginning Work in Process Inventory 0 Direct Materials: Materials: Beginning 0 Add: Purchases for month of January S 20,000.00 Materials available for use S 4,000.00 Deduct: Ending materials S 16,000.00 Materials Used $ 16,000 Direct Labor 8,493.33 to to Overhead 3,765.00 Total Costs S 28,258 Deduct: Ending Work in Process Inventory 0 Cost of Goods Sold 28,258.33 11 Southern New Hampshire University 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.]