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Cost of Goods Sold Budget Wilmington Chemical Company uses oil to produce two types of plastic products, P1 and P2. Wilmington budgeted 31,700 barrels of oil for purchase in June for $70 per barrel. Direct labor budgeted in the chemical process was $266,300 for June. Factory overhead was budgeted $399,400 during June. The inventories on June 1 were estimated to be: Oil $18,600 12,500 P1 P2 10,700 Work in process 15,400 The desired inventories on June 30 were: Oil $20,500 P1 11,500 P2 10,100 Work in process 16,000 Use the preceding information to prepare a cost of goods sold budget for June. 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: 0000000 1000 10000