Cost of goods sold budget Delaware Chemical Company uses oil to produce two types of...
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Accounting
Cost of goods sold budget
Delaware Chemical Company uses oil to produce two types of plastic products, P1 and P2. Delaware budgeted 27,900 barrels of oil for purchase in June for $71 per barrel. Direct labor budgeted in the chemical process was $217,900 for June. Factory overhead was budgeted at $356,600 during June. The inventories on June 1 were estimated to be:
| Line Item Description | Amount |
|---|---|
| Oil | $15,300 |
| P1 | 10,200 |
| P2 | 8,700 |
| Work in process | 12,600 |
The desired inventories on June 30 were:
| Line Item Description | Amount |
|---|---|
| Oil | $16,800 |
| P1 | 9,400 |
| P2 | 8,300 |
| Work in process | 13,100 |
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.
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