OBJ. 4 EX 22-16 Cost of goods sold budget VCost of goods sold, Dover Chemical Company uses oil to produce two types of plastic products, P1 and P2 $2,954,700 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: Oil 15,800 9,800 8,900 12,100 P2. The desired inventories on April 30 were: Oil P1. $16,100 9,400 7,900 13,500 Use the preceding information to prepare a cost of goods sold budget for April 2013