Instructions Cost of Goods Sold Budget Peranakan Chemical Company uses oil to produce two types of plastic products, P1 and P2. Peranakan budgeted 35,000 barrels of oil for purchase in June for S$90 per barrel. Direct labor budgeted in the chemical process was S$240,000 for June. Factory overhead was budgeted S$400,000 during June. The inventories on June 1 were estimated to be: Oil S$15,200 P1 8,300 P2 8,600 Work in process 12,900 The desired inventories on June 30 were: Oil S$16,100 9,400 7,900 Work in process 13,500 Cost of Goods Sold Budget Use the preceding information to prepare a cost of goods sold budget for June 2017 Delaware Chemical Company Cost of Goods Sold Budget For the Month Ending June 30, 2017 S$ S$ Direct materials