Cost of Goods Sold Budget Delaware Chemical Company uses oil to produce two types of plastic products, Pi and P2. Delaware budgeted 18,600 barrels of oil for purchase in June for $58 per barrel. Direct labor budgeted in the chemical process was $118,700 for June. Factory overhead was budgeted at $194,200 during June. The inventories on June 1 were estimated to be: Oil $8,300 P1 5,600 P2 4,700 Work in process 6,900 The desired Inventories on June 30 were: oll $9,100 5,100 PI Dobila