Delaware Chemical Company uses oil to produce two types of plastic products, PI and P2. Delaware budgeted 35,000 barrels of oil for purchase in June for $90 per barrel Direct labor budgeted in the chemical process was $240,000 for June. Factory overhead was budgeted at $400,000 during June. The inventories on June 1 were estimated to be: Oil $15,200 P1 8,300 P2 8,600 Work in process 12,900 The desired Inventories on June 30 were: oll $16,100 9,400 PI P2 7,900 13,500 Work in process Delaware Chemical Company Cost of Goods Sold Budget For the Month Ending June 30 Finished goods inventory, June 1 Work in process inventory, June 1 Direct materials: Direct materials inventory, June 1 Direct materials purchases Cost of direct materials available for use 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 Work in process inventory, June 30 Cost of goods manufactured Cost of finished goods available for sale ODOO Finished goods inventory, June 30 Cost of goods sold