Cost of goods sold budget Delaware Chemical Company uses oil to produce two types of plastic products, P1 and P2. Delaware budgeted 23,400 barrels of oil for purchase in June for $60 per barrel. Direct labor budgeted in the chemical process was $154,400 for June. Factory overhead was budgeted at $252,700 during June. The inventories on June 1 were estimated to be: Oil P1 P2 Work in process $10,800 7,300 6,200 9,000 The desired inventories on June 30 were: Oil P1 $11,900 6,600 P2 Work in process 5,900 9,300 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 Line Item Description Cost of Goods Sold Budget For the Month Ending June 30 Amount Amount Amount Finished goods inventory, June 1