Cost of Goods Sold Budou Wilmington Chemical Company uses oil to produce two types of plastic products, Pl and P2. Wilmington budgeted 17,000 barrels of oil for purchase in June lor 559 per barrel. Direct Tabor budgeted in the chemical process was $120,400 for June. Factory overhead was budgeted $180,500 during June. The inventories on June 1 were estimated to be ON 58,400 5,700 PS 22 4,800 Work in process 7,000 The desired inventories on June 30 were Oil $9,300 5.200 PI P2 4,600 Work in process 7,200 Cost of Goods Sold Budget For the Month Ending June 30 Direct materials: