Wilmington Chemical Company uses oil to produce two types of plastic products, P1 and P2. Wilmington budgeted 21,700 barrels of oil for purchase in June for $75 per barrel. Direct labor budgeted in the chemical process was $195,300 for June. Factory overhead was budgeted $293,000 during June. The inventories on June 1 were estimated to be:

Oil	$13,700
P1	9,200
P2	7,800
Work in process	11,300

The desired inventories on June 30 were:

Oil	$15,000
P1	8,400
P2	7,400
Work in process	11,700

Use the preceding information to prepare a cost of goods sold budget for June.

Wilmington Chemical Company
Cost of Goods Sold Budget
For the Month Ending June 30
Finished goods inventory, June 1			$
Work in process inventory, June 1		$
Direct materials:
Direct materials inventory, June 1	$
Direct materials purchases
Cost of direct materials available for use	$
Less direct materials inventory, June 30
Cost of direct materials placed in production	$
Direct labor
Factory overhead
Total manufacturing costs
Total work in process during the period		$
Less work in process inventory, June 30
Cost of goods manufactured
Cost of finished goods available for sale			$
Less finished goods inventory, June 30
Cost of goods sold			$