Cost of Goods Sold Budget Delaware Chemical Company uses oil to produce two types of plastic products, P1 and P2. Delaware budgeted 29,400 barrels of oil for purchase in June for $64 per barrel. Direct labor budgeted in the chemical process was $207,000 for June. Factory overhead was budgeted at $338,700 during June. The inventories on June 1 were estimated to be: Oil $14,500 P1 9,700 P2 8,300 Work in process 12,000 The desired inventories on June 30 were: Oil $15,900 P1 8,900 P2 7,900 Work in process 12,400 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: milii ini