1. Cost of Goods Sold Budget

   Delaware Chemical Company uses oil to produce two types of plastic products, P1 and P2. Delaware budgeted 27,200 barrels of oil for purchase in June for $75 per barrel. Direct labor budgeted in the chemical process was $224,400 for June. Factory overhead was budgeted at $367,200 during June. The inventories on June 1 were estimated to be:

   Oil	$15,700
   P1	10,500
   P2	9,000
   Work in process	13,000

   The desired inventories on June 30 were:

   Oil	$17,300
   P1	9,600
   P2	8,500
   Work in process	13,500

   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:
   	$
   	$
   	$
   		$
   			$
   			$
   			$