Cost of Goods Sold Budget

Wilmington Chemical Company uses oil to produce two types of plastic products, P1 and P2. Wilmington budgeted 15,500 barrels of oil for purchase in June for $73 per barrel. Direct labor budgeted in the chemical process was $124,500 for June. Factory overhead was budgeted $203,700 during June. The inventories on June 1 were estimated to be:

Oil	$8,700
P1	5,900
P2	5,000
Work in process	7,200

The desired inventories on June 30 were:

Oil	$9,600
P1	5,400
P2	4,700
Work in process	7,500

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
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Direct materials:
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