Cost of Goods Sold Budget Wilmington Chemical Company uses oil to produce two types of plastic products, P1 and P2. Wilmington budgeted 25,100 barrels of oil for purchase in June for $70 per barrel. Direct labor budgeted in the chemical process was $193,300 for June. Factory overhead was budgeted $316,300 during June. The inventories on June 1 were estimated to be: Oil $13,500 P1 9,100 P2 7,700 Work in process 11,200 The desired inventories on June 30 were: Oil $14,900 P1 8,30 P2 7,300 Work in process 11,600 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 Direct materials: 10000