Preparing a cost of goods sold budget andrews company manufactures a line of office chairs. each chair takes $14 of direct materials and uses 1.9 direct labor hours at $16 per direct labor hour. the variable overhead rate is $1.20 per direct labor hour, and the fixed overhead rate is $1.60 per direct labor hour. andrews expects to produce 20,000 chairs next year and expects to have 675 chairs in ending inventory. there is no beginning inventory of office chairs. required: prepare a cost of goods sold budget for andrews company.