Cost of Goods Sold Budget Universal Chemical Company uses oil to produce two types of plastic products, P1 and P2. Universal budgeted 25,900 barrels of oil for purchase in April for $75 per barrel. Direct labor budgeted in the chemical process was $272,000 for April. Factory overhead was budgeted $349,700 during April. The inventories on April 1 were estimated to be $19,000 P1 12,800 10,900 Work in process 15,800 The desired inventories on April 30 were: $20,900 P1 11,700 10,300 Work in process 16,300