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chemical process was $300,000 for June. Factory overhead was budgeted $500,000 during June. The inventories on June 1 were estimated to be: Oil $15,500 P1 25,400 P2 22,900 Work in process 3,400 The desired inventories on June 30 were: Oil $16,100 P1 28,500 P2 25,000 Work in process 4,000 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 Direct materials:

chemical process was $300,000 for June. Factory overhead was budgeted $500,000 during June. The inventories on June 1 were estimated to be: Oil $15,500 P1 25,400 P2 22,900 Work in process 3,400 The desired inventories on June 30 were: Oil $16,100 P1 28,500 P2 25,000 Work in process 4,000 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 Direct materials:

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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* CengageNOWv2 | Online teachin x now.com/iln/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false еВook Print Item Cost of Goods Sold Budget Wilmington Chemical Company uses oil to produce two types of plastic products, P1 and P2. Wilmington budgeted 50,000 barrels of oil for purchase in June for $50 per barrel. Direct labor budgeted in the chemical process was $300,000 for June. Factory overhead was budgeted $500,000 during June. The inventories on June 1 were estimated to be: Oil $15,500 P1 25,400 P2 22,900 Work in process 3,400 The desired inventories on June 30 were: Oil $16,100 P1 28,500 P2 25,000 Work in process 4,000 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 Direct materials: (Previous Next
Transcribed Image Text:* CengageNOWv2 | Online teachin x now.com/iln/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false еВook Print Item Cost of Goods Sold Budget Wilmington Chemical Company uses oil to produce two types of plastic products, P1 and P2. Wilmington budgeted 50,000 barrels of oil for purchase in June for $50 per barrel. Direct labor budgeted in the chemical process was $300,000 for June. Factory overhead was budgeted $500,000 during June. The inventories on June 1 were estimated to be: Oil $15,500 P1 25,400 P2 22,900 Work in process 3,400 The desired inventories on June 30 were: Oil $16,100 P1 28,500 P2 25,000 Work in process 4,000 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 Direct materials: (Previous Next
uestion 2 CengageNOwv2 | Online teachin x ngagenow.com/ilm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress3false eBook Print Item 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 Direct materials: Previ
Transcribed Image Text:uestion 2 CengageNOwv2 | Online teachin x ngagenow.com/ilm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress3false eBook Print Item 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 Direct materials: Previ
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