Cost of Goods Sold Budget Delaware Chemical Company uses oil to produce two types of plastic products, P1 and P2. Delaware budgeted 19,600 barrels of oil for purchase in June for $69 per barrel. Direct labor budgeted in the chemical process was $162,300 for June. Factory overhead was budgeted at $243,400 during June. The inventories on June 1 were estimated to be: Oil $11,400 P1 7,600 P2 6,500 Work in process 9,400 The desired inventories on June 30 were: Oil $12,500 P1 7,000 P2 6,200 Work in process 9,700 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. For the Month Ending June 30 Direct materials: DOL