Cost of goods sold budget Delaware Chemical Company uses oil to produce two types of plastic products, P1 and P2. Delaware budgeted 22,600 barrels of oil for purchase in June for $58 per barrel. Direct labor budgeted in the chemical process was $157,300 for June. Factory overhead was budgeted at $235,900 during June. The inventories on June 1 were estimated to be: 0 P1 P2 Work in process $11,000 7,400 6,300 9,100 The desired inventories on June 30 were: 1 Oil P1 92 $12,100 6,800 Work in process 6,000 9,400 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. Line Item Description Finished goods inventory, June 1 Work in process inventory, June 1 Direct materials: Direct materials inventory, June 1 Delaware Chemical Company Cost of Goods Sold Budget For the Month Ending June 30 Amount Amount Amount 13,700 9,100 11,000 Line Item Description Finished goods inventory, June 1 Work in process inventory, June 11 Delaware Chemical Company Cost of Goods Sold Budget For the Month Ending June 30 Amount Direct materials: Direct materials inventory, June 1 11,000 Direct materials purchases 1,310,800 Cost of direct materials available for use 1,321,800 Direct materials inventory, June 30 12,100 X Cost of direct materials placed in production 1,309,700 Direct labor 157,300 235,900 Factory overhead Total manufacturing costs Cost of goods manufactured X Cost of goods manufactured Cost of finished goods available for sale Finished goods inventory, June 30 Cost of goods sold Check My Work Amount 9,100 1,702,900 19,400 X Amount 13,700 1,693,500 X 1,707,200 X 12,800 X 1,694,400 X Previous