Cost of Goods Sold Budget Delaware Chemical Company uses to produce two types of plastic products, P and P2 Delaware budgeted 35,000 barrels of oil for purchase in one for $90 per barrel. Drect labor budgeted in the chemical process was $240,000 for June Factory Overhead was budgeted at $400,000 during one. The inventories on June 1 were estimated to be Oil $15,200 PI 8,300 P2 8,600 Work in process 12,900 The desired inventories on June 30 were: Oil PI P2 $16,100 9,400 7,900 13,500 Work in process 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: Check My Work Previous Next 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 Finished goods inventory, June 1 16.00 12.900 15.200 3,150,000 3.165.200 16.100 x 3.149.100 Work in process inventory, June 1 Direct materials: Direct materials inventory, June 1 Direct materials purchases Cost of direct materials available for use Direct materials inventory, June 30 Cost of direct materials placed in production Direct labor Factory overhead Total manufacturing costs Total work in process during the period Work in process inventory, June 30 Cost of goods manufactured Cost of finished goods available for sale 240.000 400.000 3.789 100 3.102.000 13,500 X 3.1.500 clansann Previous Next Check My Work 15,200 3,150,000 Direct materials inventory, June 1 Direct materials purchases Cost of direct materials available for use Direct materials inventory, June 30 Cost of direct materials placed in production 3,165,200 16,100 X 3,149,100 Direct labor 240,000 400,000 3,789,100 Factory overhead Total manufacturing costs Total work in process during the period Work in process inventory, June 30 Cost of goods manufactured 380 2,000 V 13,500X 3,788,500 3,805,400 Cost of finished goods available for sale 17,300 X Finished goods inventory, June 30 3,788.100 Cost of goods sold