Cost of Goods Sold Budget Delaware Chemical Company uses oll to produce two types of plastic products, P1 and P2. Delaware budgeted 22,500 barrels of oil for purchase in June for $71 per barrel. Direct labor budgeted in the chemical process was $191,700 for June. Factory overhead was budgeted at $287,600 during June. The Inventories on June 1 were estimated to be: Oil P1 P2 Work in process $13,400 9,000 7,700 11,100 The desired inventories on June 30 were: Oil P1 $14,800 8,200 P2 Work in process 7,300 11,500 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