Cost of Goods Sold Budget Wilmington Chemical Company uses oil to produce two types of plastic products, P1 and P2. Wilmington budgeted 30,400 barrels of oil for purchase in June for $66 per barrel. Direct labor budgeted in the chemical process was $240,800 for June. Factory overhead was budgeted $361,200 during June. The inventories on June 1 were estimated to be Oil PL P2 Work in process $16,900 11,300 9,600 14,000 The desired inventories on June 30 were: Ol PL $18,500 10,400 P2 Work in process 9,200 14,400 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