Cost of Goods Sold Budget Delaware Chemical Company uses oil to produce two types of plastic products, P1 and P2. Delaware budgeted 18,300 barrels of oil for purchase in June for $75 per barrel. Direct labor budgeted in the chemical process was $164,700 for June. Factory overhead was budgeted at $247,100 during June. The inventories on June were estimated to be:

Oil $11,500

P1 7,700

P2 6,600

Work in process 9,600

The desired inventories on June 30 were:

Oil $12,700

P1 7,100

P2 6,300

Work in process 9,900

Use the preceding information to prepare a cost of goods sold budget for June. For those boxes in which you must enter subtracted or negative numbers use a minus sign.

Delaware Chemical Company

Cost of Goods Sold Budget

For the Month Ending June 30

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