Cost of goods sold budget Delaware Chemical Company uses oil to produce two types of plastic products, P1 and P2. Delaware budgeted 14,400 barrels of oil for purchase in June for $63 per barrel. Direct labor budgeted in the chemical process was $99,800 for June. Factory overhead was budgeted at $163,300 during June. The inventories on June 1 were estimated to be: Oil P1 P2 22 Work in process $7,000 4,700 4,000 5,800 The desired inventories on June 30 were: Oil P1 P2 Work in process $7,700 4,300 3,800 5,000 2 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 Line Item Description. Finished goods inventory, June 1 Total end in peace dina narind Amount Amount