Cost of Goods Sold Budget Wilmington Chemical Company uses oil to produce two types of plastic products, P1 and P2. Wilmington budgeted 14,000 barrels of oil for purchase in June for $61 p barrel. Direct labor budgeted in the chemical process was $93,900 for June. Factory overhead was budgeted $153,700 during June. The inventories on June 1 were estimated to be: Oil $6,600 P1 4,400 P2 3,800 Work in process 5,400 The desired inventories on June 30 were: Oil $7,200 ) P1 4,000 P2 3,600 Work in process 5,600 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