Prepare a cost of goods sold budget for New England Candle Co. using the information in Practice Exercises 22-3B and 22-4B. Assume the estimated inventories on January 1, 2008, for finished goods and work in process were $14,000 and $6,300, respectively. Also assume the desired inventories on December 31, 2008, for finished goods and work in process were $12,000 and $7,000, respectively. Factory overhead was budgeted at $95,000.