Cost of goods sold budget Delaware Chemical Company uses oll to produce two types of plastic products, P1 and P2. Delaware budgeted 24,300 barrels of oil for purchase in June for $62 per barrel. Direct labor budgeted in the chemical process was $165,700 for June. Factory overhead was budgeted at $271,200 during June. The inventories on June 1 were estimated to be: The desired inventories on June 30 were: Use the preceding information to grepare a cost of goods sold budoet for June. For those boxesin which you must enter subtracted or negative numbers use a minus signi costor Goors sora suaget For the Month Ending June 30 Line Item Description Amount Amount Amount Direct materials