s sold, 38,100 3 EX 22-15 Cost of goods sold budget Obj. 4 Delaware Chemical Company uses oil to produce two types of plastic products, P1 and P2. Delaware budgeted 35,000 barrels of oil for purchase in June for $90 per barrel. Direct labor budgeted in the chemical process was $240,000 for June. Factory overhead was budgeted at $400,000 during June. The inventories on June 1 were estimated to be: Oil $15,200 P1.. 8,300 P2. 8,600 Work in process 12,900 The desired inventories on June 30 were: oil .. $16,100 P1... 9,400 7,900 Work in process 13,500 P2... Use the preceding information to prepare a cost of goods sold budget for June. Delaware Chemical Company Cost of Goods Sold Budget For the Month Ending June 30 Finished goods inventory, P1 and P2, June 1 Work in process inventory, June 1 Direct materials: Direct materials (oil) inventory, June 1 Direct materials (oil) purchases Cost of direct materials available for use Direct materials (oil) inventory, June 30 5 Cost of direct materials placed in production 7 Direct labor 8 Factory overhead 29 Total manufacturing costs 30 Total work in process during the period 31 Work in process inventory, June 30 32 Cost of goods manufactured 33 Cost of finished goods available for sale 34 Finished goods inventory, P1 and P2, June 30 35 Cost of goods sold 36 37