Cost of Goods Sold Budget Delaware Chemical Company uses oil

Last updated: 7/18/2023

Cost of Goods Sold Budget Delaware Chemical Company uses oil to produce two types of plastic products P1 and P2 Delaware budgeted 35 000 barrels of oil for purcha in June for 90 per barrel Direct labor budgeted in the chemical process was 240 000 for June Factory overhead was budgeted at 400 000 during June The inventories on June 1 were estimated to be Oil P1 15 200 8 300 P2 8 600 Work in process 12 900 The desired Inventories on June 30 were 16 100 9 400 7 900 13 500 Oil P1 P2 Work in process 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 Finished goods inventory June 1 Work in process inventory June 1 Direct materials Direct materials inventory June 1 Direct materials purchases Cost of direct materials available for use Direct materials inventory June 30 Cost of direct materials placed in production Direct labor Factory overhead Total manufacturing costs Total work in process during the period Work in process inventory June 30 Cost of goods manufactured h