Wilmington Chemical Company uses oil to produce two types of plastic products, P1 and P2. Wilmington...

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Wilmington Chemical Company uses oil to produce two types of plastic products, P1 and P2. Wilmington budgeted 24,000 barrels of oil for purchase in June for $69 per barrel. Direct labor budgeted in the chemical process was $198,700 for June. Factory overhead was budgeted $298,100 during June. The inventories on June 1 were estimated to be: Oil P1 P2 Work in process $13,900 9,300 7,900 11,500 The desired inventories on June 30 were: Oil P1 P2 Work in process $15,300 8,500 7,600 11,900 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 Direct materials: B Wilmington Chemical Company uses oil to produce two types of plastic products, P1 and P2. Wilmington budgeted 24,000 barrels of oil for purchase in June for $69 per barrel. Direct labor budgeted in the chemical process was $198,700 for June. Factory overhead was budgeted $298,100 during June. The inventories on June 1 were estimated to be: Oil P1 P2 Work in process $13,900 9,300 7,900 11,500 The desired inventories on June 30 were: Oil P1 P2 Work in process $15,300 8,500 7,600 11,900 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 Direct materials: B