Delaware Chemical Company Cost of Goods Sold Budget For the Month Ending June 30 Direct materials: Direct materials: Cont of Goods Sold Eudpet Delaware Chemical Company uses oil to produce two types of plestic products, P1 and P2. Delaware budgeted 35,000 barrels of oll for purchase in June for $90 per barrel. Direct labor budgeted in the chemical process was $240,000 for June. Factory overhead wos budgeted at $400,000 during June. The inventories on lune 1 were estimated to be: The desired inventories on June 30 were: Use the preceding information to prepare a cost of goods sold budget for June. For those boxes in which you must enter subtracted or negative numbers use minus sign