Wilmington Chemical Company uses oil to produce two types of plastic products, P1 and P2. Wilmington budgeted 16,400 barrels of oil for purchase in June for $69 per barrel. Direct labor budgeted in the chemical process was $124,500 for June. Factory overhead was budgeted $203,700 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 Cost of Goods Sold Budget For the Month Ending June 30 of goods sold budget for June