Cost of Goods Sold Budget

Wilmington Chemical Company uses oil to produce two types of plastic products, P1 and P2. Wilmington budgeted 50,000 barrels of oil for purchase in June for $50 per barrel. Direct labor budgeted in the chemical process was $300,000 for June. Factory overhead was budgeted $500,000 during June. The inventories on June 1 were estimated to be:

Oil	$15,500
P1	25,400
P2	22,900
Work in process	3,400

The desired inventories on June 30 were:

Oil	$16,100
P1	28,500
P2	25,000
Work in process	4,000

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

Cost of direct materials available for useDirect laborFactory overheadFinished goods inventory, June 1Total work in process during period			$- Select -
Direct laborFactory overheadTotal work in process during periodWork in process inventory, June 1Work in process inventory, June 30		$- Select -
Direct materials:
Cost of direct materials available for saleDirect laborDirect materials inventory, June 1Direct materials inventory, June 30Total work in process during period	$- Select -
Cost of goods soldDirect laborDirect materials purchasesFinished goods inventory, June 30Total work in process during period	- Select -
Cost of direct materials available for useCost of finished goods available for saleCost of goods manufacturedCost of goods soldTotal manufacturing costs	$- Select -
Less direct laborLess direct materials inventory, June 30Less factory overheadLess finished goods inventory, June 1Less total work in process during period	- Select -
Cost of direct materials placed in productionCost of finished goods available for saleFinished goods inventory, June 1Finished goods inventory, June 30Work in process inventory, June 30	$- Select -
Cost of goods soldDirect laborTotal work in process during periodWork in process inventory, June 1Work in process inventory, June 30	- Select -
Direct materials inventory, June 1Direct materials inventory, June 30Factory overheadTotal work in process during periodWork in process inventory, June 30	- Select -
Cost of direct materials available for useCost of finished goods available for saleCost of goods manufacturedCost of goods soldTotal manufacturing costs		- Select -
Cost of direct materials available for useCost of finished goods available for saleCost of goods manufacturedCost of goods soldTotal work in process during the period		$- Select -
Less direct laborLess direct materials inventory, June 30Less factory overheadLess finished goods inventory, June 1Less work in process inventory, June 30		- Select -
Cost of direct materials available for useCost of finished goods available for saleCost of goods manufacturedCost of goods soldTotal work in process during the period			- Select -
Cost of direct materials available for useCost of finished goods available for saleCost of goods manufacturedCost of goods soldTotal work in process during the period			$- Select -
Less direct laborLess direct materials inventory, June 30Less factory overheadLess finished goods inventory, June 30Less work in process inventory, June 30			- Select -
Cost of direct materials available for useCost of finished goods available for saleCost of goods manufacturedCost of goods soldTotal work in process during the period			$- Select -