Cost of Goods Sold Budget Delaware Chemical Company uses oil to produce two types of plastic products, P1 and P2. Delaware budgeted 31,100 barrels of oil for purchase in June for $61 per barrel. Direct labor budgeted in the chemical process was $208,700 for June. Factory overhead was budgeted at $341,500 during June. The inventories on June 1 were estimated to be: The desired inventories on June 30 were: 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. Schedule of Cash Collections of Accounts Receivable Pet Place Supplies Inc., a pet wholesale supplier, was organized on May 1. Projected sales for each of the first three months of operations are as follows: All sales are on account. Of sales on account, 52% are expected to be collected in the month of the sale, 43% in the month following the sale, and the remainder in the seco month following the sale. Prepare a schedule indicating cash collections from sales for May, June, and July. Pet Place Supplies Inc