Cost of Goods Sold Budget Delaware Chemical Company uses oil to produce two types of plastic products, PL and P2. Delaware budgeted 18,800 barrels of oil for purchase in tune for 561 per barrel. Direct labor budgeted in the chemical process was $137,600 for June Factory overhead was budgeted at $206,400 during June. The inventories on June 1 were estimated to be Oil $9.500 P1 6,500 P2 5,500 Work in process 8,000 The desired Inventories on June 30 were: Oil $10.600 P3 5,900 P2 5,200 8,300 Work in process 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 DOOR 12.000 3.000 For the Month Ending June 30 Finished goods inventory, June 1 Work in process inventory, June 1 Direct materials: Direct materials inventory, June 1 9,600 Direct materials purchases 1.146,800 Cost of finished goods available for sale 10,600 Direct materials inventory, June 30 1.136,200 Cost of direct materials placed in production 1,136,200 Direct labor Factory overhead Total manufacturing costs Total work in process during the period Work in process inventory, June 30 Cost of goods manufactured Cost of finished goods available for sale Finished goods inventory, June 30 b. Cost of goods sold