OBJ.4 EX 22-16 Cost of goods sold budget Cost 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 P1.... P2. $15,800 9,800 8,900 Work in process... 12,100 The desired inventories on April 30 were: Oil $16,100 P1. 9,400 P2. 7,900 Work in process. 13,500 Use the preceding information to prepare a cost of goods sold budget for April 2013: