Wilmington Chemical Company uses oil to produce two types of plastic products, P1 and P2. Wilmington budgeted 50,000 barrels of oil for purchase in June for $50 per barrel. Direct labor budgeted in the chemical process was $300,000 for June. Factory overhead was budgeted $500,000 during June. The inventories on June 1 were estimated to be:

Oil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $15,500

P1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,400

P2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,900

Work in process . . . . . . . . . . . . . . . . . . . . . . . . . . 3,400

The desired inventories on June 30 were:

Oil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $16,100

P1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,500

P2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,000

Work in process . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,000

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