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

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Accounting

Wilmington Chemical Company uses oil to produce two types of plastic products, P1 and P2. Wilmington budgeted 30,400 barrels of oil for purchase in June for $66 per barrel. Direct labor budgeted in the chemical process was $220,700 for June. Factory overhead was budgeted $361,200 during June. The inventories on June 1 were estimated to be:
\table[[Oil,$15,400
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