Prepare a cost of goods sold budget for Magnolia Candle Co., using the information in Practice Exercises Assume the estimated inventories on January 1, 2014, for finished goods and work in process were $ 9,800 and $ 3,600, respectively. Also assume the desired inventories on December 31, 2014, for finished goods and work in process were $ 12,900 and $ 3,500, respectively. Factory overhead was budgeted at $ 109,600.