Cost of Goods Sold Budget Delaware Chemical Company uses oil to produce two types of plastic products, P1 and P2. Delaware budgeted 24,400 barrels of oil for purchase in June for $73 per barrel. Direct labor budgeted in the chemical process was $195,900 for June. Factory overhead was budgeted at $320,600 during June. The inventories on June 1 were estimated to be: Oil $13,700 P1 9,200 P2 7,800 Work in process 11,400 The desired inventories on June 30 were: Oil $15,100 P1 8,400 P2 7,400 Work in process 11,800 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 Cost of Goods Sold Budget For the Month Ending June 30 Direct materials: nis DI