Cost of Goods sold Budget Wilmington Chemical Company uses oil to produce two types of plastic products, P1 and P2. Wilmington budgeted 24,200 barrels of ol for purchase in June for $70 per barrel. Direct labor budgeted in the chemical process was $220,200 for June. Factory overhead was budgeted $304,900 during June. The inventories on June 1 were estimated to be: Oil $15,400 P1 10.300 P2 8,800 Work in process 12,800 The desired inventories on June 30 were: Oil $17,000 9,500 P1 8,400 P2 Work in process 13,200 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 Finished goods inventory, June 1 Work in process inventory, June 1 12.0 For the Month Ending June 30 Finished goods inventory, June 1 Work in process inventory, June 1 12,800 Direct materials: Direct materials inventory, June 1 Direct materials purchases Cost of direct materials available for use Less direct materials inventory, June 30 Cost of direct materials placed in production Direct labor Factory overhead > Total manufacturing costs Total work in process during the period Less work in process inventory, June 30 Cost of goods manufactured Cost of finished goods available for sale Less finished goods inventory, June 30 Cost of goods sold 13,200