Cost of Goods Sold Budget

Wilmington Chemical Company uses oil to produce two types of plastic products, P1 and P2. Wilmington budgeted 31,900 barrels of oil for purchase in June for $63 per barrel. Direct labor budgeted in the chemical process was $221,100 for June. Factory overhead was budgeted $361,700 during June. The inventories on June 1 were estimated to be:

Oil	$15,500
P1	10,400
P2	8,800
Work in process	12,800

The desired inventories on June 30 were:

Oil	$17,000
P1	9,500
P2	8,400
Work in process	13,300

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
			$fill in the blank 2
		$fill in the blank 4
Direct materials:
	$fill in the blank 6
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	$fill in the blank 10
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	$fill in the blank 14
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		$fill in the blank 22
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			fill in the blank 26
Cost of finished goods available for sale			$fill in the blank 28
Less finished goods inventory, June 30			fill in the blank 30
Cost of goods sold			$fill in the blank 32