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Cost of Goods Sold Budget Wilmington Chemical Company uses oil to produce two types of...

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Accounting

Cost of Goods Sold Budget

Wilmington Chemical Company uses oil to produce two types of plastic products, P1 and P2. Wilmington budgeted 28,600 barrels of oil for purchase in June for $67 per barrel. Direct labor budgeted in the chemical process was $229,900 for June. Factory overhead was budgeted $344,900 during June. The inventories on June 1 were estimated to be:

Oil $16,100
P1 10,800
P2 9,200
Work in process 13,300

The desired inventories on June 30 were:

Oil $17,700
P1 9,900
P2 8,700
Work in process 13,800

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
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$fill in the blank 4
Direct materials:
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$fill in the blank 10
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$fill in the blank 14
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fill in the blank 20
$fill in the blank 22
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$fill in the blank 28
fill in the blank 30
$fill in the blank 32

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