Delaware Chemical Company uses oil to produce two types of plastic products, P1 and P2. Delaware budgeted 35,000 barrels of oil for purchase in June for $ 90 per barrel. Direct labor budgeted in the chemical process was $ 240,000 for June. Factory overhead was budgeted $ 400,000 during June. The inventories on June 1 were estimated to be:
Oil ............... $15,200
P1 .............. 8,300
P2............... 8,600
Work in process........ 12,900
The desired inventories on June 30 were:
Oil ............... $16,100
P1 .............. 9,400
P2............... 7,900
Work in process........ 13,500
Use the preceding information to prepare a cost of goods sold budget for June 2015.