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 $59 per barrel Direct labor budgeted in the chemical process was $129,600 for June. Factory overhead was budgeted at $194,300 during June. The inventories on June 1 were estimated to be: Oil P1 P2 Work in process $9,100 6,100 5,200 7,500 The desired inventories on June 30 were: Oil P1 P2 Work in process $10,000 5,600 -4,900 7,800 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 Amount Amount Line Item Description Finished goods inventory, June 1 Work in process inventory, June 1 Direct materials: Direct materials inventory, June 1 Direct materials purchases Amount 18,700 X 12,500 X