Cost of Goods Sold Budget

Delaware Chemical Company uses oil to produce two types of plastic products, P1 and P2. Delaware budgeted 29,000 barrels of oil for purchase in June for $71 per barrel. Direct labor budgeted in the chemical process was $247,100 for June. Factory overhead was budgeted at $370,600 during June. The inventories on June 1 were estimated to be:

Oil	$17,300
P1	11,600
P2	9,900
Work in process	14,300

The desired inventories on June 30 were:

Oil	$19,000
P1	10,600
P2	9,400
Work in process	14,800

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

Cost of direct materials available for useDirect laborFactory overheadFinished goods inventory, June 1Total work in process during periodFinished goods inventory, June 1			$Finished goods inventory, June 1
Direct laborFactory overheadWork in process inventory, June 1Work in process inventory, June 30Total work in process during periodWork in process inventory, June 1		$Work in process inventory, June 1
Direct materials:
Cost of direct materials available for useDirect laborDirect materials inventory, June 1Direct materials inventory, June 30Total work in process during periodDirect materials inventory, June 1	$Direct materials inventory, June 1
Cost of goods soldDirect laborDirect materials purchasesFinished goods inventory, June 30Total work in process during periodDirect materials purchases	Direct materials purchases
Cost of direct materials available for useCost of finished goods available for saleCost of goods manufacturedCost of goods soldTotal manufacturing costsCost of direct materials available for use	$Cost of direct materials available for use
Direct laborDirect materials inventory, June 30Factory overheadFinished goods inventory, June 1Total work in process during periodDirect materials inventory, June 30	Direct materials inventory, June 30
Cost of direct materials placed in productionCost of goods soldFinished goods inventory, June 1Finished goods inventory, June 30Work in process inventory, June 30Cost of direct materials placed in production	$Cost of direct materials placed in production
Cost of goods soldDirect laborTotal work in process during periodWork in process inventory, June 1Work in process inventory, June 30Direct labor	Direct labor
Direct materials inventory, June 1Direct materials inventory, June 30Factory overheadTotal work in process during periodWork in process inventory, June 30Factory overhead	Factory overhead
Cost of direct materials available for useCost of finished goods available for saleCost of goods manufacturedCost of goods soldTotal manufacturing costsTotal manufacturing costs		Total manufacturing costs
Cost of direct materials available for useCost of finished goods available for saleCost of goods manufacturedCost of goods soldTotal work in process during the periodTotal work in process during the period		$Total work in process during the period
Direct laborDirect materials inventory, June 30Factory overheadFinished goods inventory, June 1Work in process inventory, June 30Work in process inventory, June 30		Work in process inventory, June 30
Cost of direct materials available for useCost of finished goods available for saleCost of goods manufacturedCost of goods soldTotal work in process during the periodCost of goods manufactured			Cost of goods manufactured
Cost of direct materials available for useCost of finished goods available for saleCost of goods manufacturedCost of goods soldTotal work in process during the periodCost of finished goods available for sale			$Cost of finished goods available for sale
Direct laborDirect materials inventory, June 30Factory overheadFinished goods inventory, June 30Work in process inventory, June 30Finished goods inventory, June 30			$Finished goods inventory, June 30
Cost of direct materials available for useCost of finished goods available for saleCost of goods manufacturedCost of goods soldTotal work in process during the periodCost of goods sold			$Cost of goods sold