Cost of Goods Sold Budget Delaware Chemical Company uses oil to produce two types of plastic products, P1 and P2. Delaware budgeted 16,900 barrels of all for purchase in June for $75 per barrel. Direct labor budgeted in the chemical process was $139,400 for June. Factory overhead was budgeted at $228,200 during June. The inventories on June 1 were estimated to be: Oil $9,800 P1 6,600 P2 5,600 Work in process 8,100 The desired Inventories on June 30 were: ou $10,700 6,000 PI P2 5,300 8,400 Work in process 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 Delaware Chemical Company datud Use the preceding Information to prepare a cost of goods sold budget for June. For those boxes in which you must enter subtracted or negat- Delaware Chemical Company Cost of Goods Sold Budget For the Month Ending June 30 Finished goods Inventory, June 1 Work in process inventory, June 1 o Direct materials