Prepare a cost of goods sold budget for Pasadena Candle Inc. using the information in Basic Exercises 3 and 4. Assume the estimated inventories on January 1 for finished goods and work in process were $200,000 and $41,250, respectively. Also assume the desired inventories on December 31 for finished goods and work in process were $120,000 and $28,500, respectively. Factory overhead was budgeted at $300,000.