Cost of Goods Sold Budget Delaware Chemical Company uses oil to produce two types of plastic products, P1 and P2. Delaware budgeted 18,500 barrels of oil for purchase in June for $61 per barrel. Direct labor budgeted in the chemical process was $135,400 for June Factory overhead was budgeted at $203,100 during June. The inventories on June 1 were estimated to be! Olt $9,500 P1 6,400 P2 5,400 Work in process 7,900 The desired inventories on line 30 were O $10,400 P1 5.800 P2 5,100 Work in process 8,100 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 sgn. Delaware Chemical Company Cost of Goods Sold Budget For the Month Ending June 30 Finished goods inventory, June 1 11.30 Work in process inventory, June 1 7.900 Direct materials: Direct materials inventory, June 1 9,500 Direct materials purchases 112.500 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 sig Delaware Chemical Company Cost of Goods Sold Budget For the Month Ending June 30 Finished goods Inventory, June 1 11,800 Work in process inventory, June 1 7.900 Direct materials: Direct materials inventory, June 1 9.500 Direct materials purchases 1,128,500 Cost of direct materials available for use 1,138,000 Direct materials inventory, June 30 -10,400 Cost of direct materials placed in production 1,127,600 Direct labor 135,400 Factory overhead 203.100 Total manufacturing costs 1.466,100 Total work in process during the period Work in process Inventory, June 30 Cost of goods manufactured Cost of finished goods available for sale Finished goods Inventory, June 30 Iul Cost of goods sold