Universal Chemical Company uses oil to produce two types of plastic products, P1 and P2. Universal budgeted 27, 600 barrels of oil for purchase in April for $73 per barrel. Direct labor budgeted in the chemical process was $241, 800 for April. Factory overhead was budgeted $362, 700 during April. The inventories on April 1 were estimated to be: The desired inventories on April 30 were: Use the preceding information to prepare a cost of goods sold budget for April 2015