Use the preceding information to prepare a cost of goods sold budget for June. Cost of Goods Sold Budget Wilmington Chemical Company uses oil to produce two types of plastic products, P1 and P2. Wilmington budgeted 15,200 barrels of oil for purchase in June for $72 per barrel. Direct labor budgeted in the chemical process was $120,400 for June. Factory overhead was budgeted $197,000 during June. The inventories on June 1 were estimated to be: The desired inventories on June 30 were: Use the preceding information to prepare a cost of goods sold budget for June