Cost of Goods Sold Budget oil P1 P2 Delaware Chemical Company uses oil to produce two types of plastic products, Pi and P2. Delaware budgeted 27,700 barrels of oil for purchase in June for $62 per barrel. Direct labor budgeted in the chemical process was $223,300 for June. Factory overhead was budgeted at $309,100 during June. The inventories on June 1 were estimated to be: $15,600 10,500 8,900 Work in process 13,000 The desired inventories on June 30 were: Oil $17,200 9,600 P2 8,500 Work in process 13,400 P1 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: Delaware Chemical company Cost of Goods Sold Budget For the Month Ending June 30 $ Direct materials: k 10