Cost of Goods Sold Budget

Universal Chemical Company uses oil to produce two types of plastic products, P1 and P2. Universal budgeted 30,400 barrels of oil for purchase in April for $73 per barrel. Direct labor budgeted in the chemical process was $266,300 for April. Factory overhead was budgeted $399,500 during April. The inventories on April 1 were estimated to be:

Oil	$18,600
P1	12,500
P2	10,700
Work in process	15,400

The desired inventories on April 30 were:

Oil	$20,500
P1	11,500
P2	10,100
Work in process	16,000

Use the preceding information to prepare a cost of goods sold budget for April 2017.

Universal Chemical Company
Cost of Goods Sold Budget
For the Month Ending April 30, 2017
			$
		$
Direct materials:
	$
	$
	$
		$
			$
			$