Cost of Goods Sold Budget

Wilmington Chemical Company uses oil to produce two types of plastic products, P$1$ and P$2.$ 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:

$\backslash$table$[[$Oil$,$$$15,500$