Prepare a cost of goods sold budget for MacLaren Manufacturing Inc. for the year ended December 31, 2016, from the following estimates. Inventories of production units:
Finished
Goods
January 1, 2016................................................. $13,900
December 31, 2016............................................ 24,200
Direct materials purchased during the year, $548,000; beginning inventory of direct materials, $36,000; and ending inventory of direct materials, $23,000. Totals from other budgets included:
Direct labor cost.................................................. $395,500
Total factory overhead costs............................... 481,000