Cost of Goods Sold Budget Delaware Chemical Company uses oil to produce two types of plastic products, P1 and P2. Delaware budgeted 30,800 barrels of oil for purchase in June for $76 per barrel. Direct labor budgeted in the chemical process was $280,900 for June. Factory overhead was budgeted at $421,300 during June. The inventories on June 1 were estimated to be: Oil $19,700 P1 13,200 P2 11,200 Work in process 16,300 The desired inventories on June 30 were: Oil $21,600 P1 12,100 P2 10,700 Work in process 16,900 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