Cost of Goods Sold Budget Delaware Chemical Company uses oil to produce two types of plastic products, P1 and P2. Delaware budgeted 23,900 barrels of oil for purchase in June for $59 per barrel. Direct labor budgeted in the chemical process was $169,200 for June. Factory overhead was budgeted at $253,800 during June. The inventories on June 1 were estimated to be: $11,800 Oil P1 8,000 6,800 P2 Work in process 9,800 The desired inventories on June 30 were: Oil $13,000 P1 7,300 P2 6,400 Work process 10,200 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: milini 000