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Cost of Goods Sold Budget Delaware Chemical Company uses oil to produce two types of plastic products, P1 and P2. Delaware budgeted 18,800 barrels of oil for purchase in June for $60 per barrel Direct labor budgeted in the chemical process was $124,100 for June. Factory overhead was budgeted at $203,000 during June. The inventories on June 1 were estimated to be: Oil P1 P2 Work in process The desired inventories on June 30 were: $8,700 5,800 5,000 7,200 Oil P1 P2 Work in process $9,600 5,300 4,700 7,400 Use the preceding information to prepare a cost of goods sold budget for June. For those boxes in which you must enter subtracted or negative numbers use a minus sign