Cost of Goods Sold Budget Delaware Chemical Company uses oil to produce two types of plastic products, P1 and P2. Delaware budgeted 27,300 barrels of oil for purchase in June for $70 per barrel. Direct labor budgeted in the chemical process was $248,400 for June. Factory overhead was budgeted at $344,000 during June. The inventories on June 1 were estimated to be: Oil $17,400 P1 11,700 P2 9,900 Work in process 14,400 The desired inventories on June 30 were: Oil $19,100 P1 10,700 P2 9,400 Work in process 14,900 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. Delaware Chemical Company Cost of Goods Sold Budget For the Month Ending June 30 Direct materials: epare a cost of goods sold budget for Jun Delaware Chemical Company Cost of Goods Sold Budget For the Month Ending June 30 Direct materials