Cost of Goods Sold Budget
Wilmington Chemical Company uses oil to produce two types ofplastic products, P1 and P2. Wilmington budgeted 31,900 barrels ofoil for purchase in June for $63 per barrel. Direct labor budgetedin the chemical process was $221,100 for June. Factory overhead wasbudgeted $361,700 during June. The inventories on June 1 wereestimated to be:
| Oil | $15,500 |
| P1 | 10,400 |
| P2 | 8,800 |
| Work in process | 12,800 |
The desired inventories on June 30 were:
| Oil | $17,000 |
| P1 | 9,500 |
| P2 | 8,400 |
| Work in process | 13,300 |
Use the preceding information to prepare a cost of goods soldbudget for June.
| Wilmington Chemical Company |
| Cost of Goods Sold Budget |
| For the Month Ending June 30 |
| | | $fill in the blank 2 |
| | $fill in the blank 4 | |
| Direct materials: | | | |
| $fill in the blank 6 | | |
| fill in the blank 8 | | |
| $fill in the blank 10 | | |
| fill in the blank 12 | | |
| $fill in the blank 14 | | |
| fill in the blank 16 | | |
| fill in the blank 18 | | |
| | fill in the blank 20 | |
| | $fill in the blank 22 | |
| | fill in the blank 24 | |
| | | fill in the blank 26 |
| Cost of finished goods available for sale | | | $fill in the blank 28 |
| Less finished goods inventory, June 30 | | | fill in the blank 30 |
| Cost of goods sold | | | $fill in the blank 32 |
