Wilmington Chemical Company uses oil to produce two types of plastic products, P1 and P2. Wilmington budgeted 21,800 barrels of oil for purchase in June for $70 per barrel. Direct labor budgeted in the chemical process was $183,100 for June. Factory overhead was budgeted $274,700 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. Wilmington Chemical Company