EX 23-16 Cost of goods sold budget obj. 4 Sarnia Chemical Company uses oil to produce two types of plastic products, P1 and P2. Samia budgeted 25,000 barrels of oil for purchase in September 2011 for $72 per barrel. Direct labour budgeted in the chemical process was $210,000 for September Factory overhead was budgeted $325,000 during September. The inventories on September 1 were estimated to be as follows: 0 $14,600 PI 9,800 P2 8.600 Work in process 12,100 The desired inventories on September 30 were as follows: Oil $16,100 PI 9,100 P2 7900 Work in process 13,000 Use the preceding information to prepare a cost of goods sold budget for September 2011. Cost of goods sold, $2,334.000