Prepare a cost of goods sold budget for LifeTyme Publishers Inc., using the information in Practice Exercises Assume the estimated inventories on January 1, 2014, for finished goods and work in process were $ 28,000 and $ 17,000, respectively. Also assume the desired inventories on December 31, 2014, for finished goods and work in process were $ 23,700 and $ 19,500, respectively. Factory overhead was budgeted at $ 205,800.