Cost of Goods Sold Budget Delaware Chemical Company uses oil to produce two types of plastic products, P1 and P2. Delaware budgeted 15,600 barrels of oil for purchase in June for $63 per barrel. Direct labor budgeted in the chemical process was $127,800 for June. Factory overhead was budgeted at $176,900 during June. The inventories on June 1 were estimated to be: Oil P1 P2 Work in process $8,900 6,000 5,100 7,400 The desired inventories on June 30 were: Oil P1 P2 Work in process $9,800 5,500 4,900 7,700 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. Finished goods inventory, June 1 Delaware Chemical Company Cost of Goods Sold Budget For the Month Ending June 30 11,100 7,400 Work in process inventory, June 1 Direct materials: Direct materials inventory, June 1 8,900 Direct materials nurchases 982.800