Cost of Goods Sold Budget Delaware Chemical Company uses oil to produce two types of plastic products, P1 and P2. Delaware budgeted 31,900 barrels of oil for purchase in June for $64 per barrel. Direct labor budget chemical process was $245,000 for June. Factory overhead was budgeted at $367,500 during June. The inventories on June 1 were estimated to be: Oil P1 P2 Work in process $17,200 11,500 9,800 14,200 The desired inventories on June 30 were: Oil $18,900 P1 P2 Work in process 10,500 9,300 14,700 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 Direct materials: