EX 22-16 Cost of goods sold budget Dover Chemical Company uses oil to produce two types of plastic products, P1 and P2 Dover budgeted 30,000 barrels of oil for purchase in April for $78 per barrel. Direct labor budgeted in the chemical process was $240,000 for April. Factory overhead was budgeted 375,000 during April. The inventories on April 1 were estimated to be $15,800 9,800 8,900 12,100 The desired inventories on April 30 were: 16,100 9,400 7.900 13,500 Use the preceding information to prepare a cost of goods sold budget for April 2013