Prepare a cost of goods sold budget for OnTime Publishers Inc. using the information in Practice Exercises 22-3A and 22-4A. Assume the estimated inventories on January 1, 2008, for finished goods and work in process were $43,000 and $22,000, respectively. Also assume the desired inventories on December 31, 2008, for finished goods and work in process were $40,000 and $25,000, respectively. Factory overhead was budgeted at $245,000.