The following information is from Franklin Industries master budget for the current year: 
Prepare flexible budgets for the production and sale of 14,000,15,000 and 16,000 units,respectively.
Definitions:
Work in Process Inventory
Represents goods that are in the process of being manufactured but are not yet completed.
Cost of Goods Sold
The direct costs attributable to the production of the goods sold by a company, including material and labor costs.
Finished Goods Inventory
The stock of completed products that are ready to be sold but are still in the company's inventory.
Direct Labor Costs
Costs associated with employees who are directly involved in the production of goods or services.
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