Delaware Chemical Company uses oil to produce two types of plastic products, P1 and P2....
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Accounting
Delaware Chemical Company uses oil to produce two types of plastic products, P1 and P2. Delaware budgeted 14,700 barrels of oil for purchase in June for $75 per barrel. Direct labor budgeted in the chemical process was $132,300 for June. Factory overhead was budgeted at $198,500 during June. The inventories on June 1 were estimated to be:
Oil
$9,300
P1
6,200
P2
5,300
Work in process
7,700
The desired inventories on June 30 were:
Oil
$10,200
P1
5,700
P2
5,000
Work in process
7,900
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.
Delaware Chemical Company
Cost of Goods Sold Budget
For the Month Ending June 30
$
$
Direct materials:
$
$
$
$
$
$
$
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