Cost of Goods Sold Budget Delaware Chemical Company uses oil to produce two types of plastic products, P1 and P2. Delaware budgeted 28,500 barrels of oil for purchase in June for $58 per barrel. Direct labor budgeted in the chemical process was $198,400 for June. Factory overhead was budgeted at $297,500 during June. The inventories on June 1 were estimated to be: Oil $13,900 P1 9,300 P2 7,900 Work in process 11,500 The desired inventories on June 30 were: Oil $15,300 P1 8,500 P2 7,500 Work in process 11,900 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. 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