Required: CH 22 Homework Assignmer Cost of goods sold budget Delaware Chemical Company uses oil to produce two types of plastic products, P1 and P2. Delaware budgeted 20,500 barrels of oil for purchase in June for $75 per barrel. Direct labor budgeted in the chemical process was $199,900 for June. Factory overhead was budgeted at $276,800 during June. The inventories on June 1 were estimated to be: P1 P2 Work in process $14,000 9,400 8,000 11,600 The desired inventories on June 30 were: P1 $15,400 8,600 P2 Work in process 7,600 12,000 Use the preceding information to prepare a cost of goods sold budget for June. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Delaware Chemical Company Cost of Goods Sold Budget For the Month Ending June 30 Line Item Description Amount Amount Amount Direct materials