Cost of Goods Sold Budget

Delaware Chemical Company uses oil to produce two types of plastic products, P1 and P2. Delaware budgeted 18,300 barrels of oil for purchase in June for $75 per barrel. Direct labor budgeted in the chemical process was $151,000 for June. Factory overhead was budgeted at $247,100 during June. The inventories on June 1 were estimated to be:

Oil	$10,600
P1	7,100
P2	6,000
Work in process	8,800

The desired inventories on June 30 were:

Oil	$11,600
P1	6,500
P2	5,700
Work in process	9,100

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 sign.