Cost of Goods Sold Budget Delaware Chemical Company uses oil to produce two types of plastic products, P1 and P2. Delaware budgeted 21,200 barrels of oil for purchase in June for $63 per barrel. Direct labor budgeted in the chemical process was $160,300 for June. Factory overhead was budgeted at $240,400 during June. The inventories on June 1 were estimated to be: Oil $11,200 P1 7,500 P2 6,400 Work in process 9,300 The desired inventories on June 30 were: Oil $12,300 P1 6,900 P2 6,100 Work in process 9,600 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: WOJUI IDI