Cost of Goods Sold Budget Wilmington Chemical Company uses oil to produce two types of plastic products, P1 and P2. Wilmington budgeted 27,900 barrels of oil for purchase in June for $75 per barrel. Direct labor budgeted in the chemical process was $272,000 for June. Factory overhead was budgeted $376,700 during June. The inventories on June 1 were estimated to be: Oil $19,000 P1 12,800 P2 10,900 Work in process 15,800 The desired inventories on June 30 were: Oil $20,900 P1 11,700 P2 10,300 Work in process 16,300 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 Direct materials: $