Cost of Goods Sold Budget Wilmington Chemical Company uses oil to produce two types of plastic products, P1 and P2. Wilmington budgeted 16,600 barrels of oil for purchase in June for $64 per barrel. Direct labor budgeted in the chemical process was $138,100 for June. Factory overhead was budgeted $191,200 during June. The inventories on June 1 were estimated to be: The desired inventories on June 30 were: Use the preceding information to prepare a cost of goods sold budget for June. Wilmington Chemical Company Cost of Goods Sold Budget For the Month Ending June 30 Finished goods inventory, June 1 Work in process inventory, June 1 Direct materials: Direct materials inventory, June 1 Direct materials purchases Cost of direct materials available for use Less 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 Less work in process inventory, June 30 Cost of goods manufactured Cost of finished goods available for sale Less finished goods inventory, June 30 Cost of goods sold $