Please do not give solution in image format thanku Line Item Description Amount Amount AmountDirect materials:tA$ Cost of goods sold budgetDelaware Chemical Company uses oil to produce two types of plastic products, P1 and P2. Delaware budgeted 19,600 barrels of oil for purchase in June for $61 per barrel. Direct laborbudgeted in the chemical process was $143,500 for June. Factory overhead was budgeted at $215,200 during June. The inventories on June 1 were estimated to be:$10,0006,700P25,700Work in process8,300The desired inventories on June 30 were:OilP1OilP1P2Work in process$11,0006,2005,5008,600Use 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 CompanyCost of Goods Sold BudgetFor the Month Ending June 30Line Item Description Amount Amount AmountDirect materials:

Raw material used = Beginning raw materials + Raw materials purchases - Ending raw materials…

Cost of goods sold budget Delaware Chemical Company uses oil to produce two types of plastic products, P1 and P2. Delaware budgeted 19,600 barrels of oil for purchase in June for $61 per barrel. Direct labor budgeted in the chemical process was $143,500 for June. Factory overhead was budgeted at $215,200 during June. The inventories on June 1 were estimated to be: Oil P1 P2 Work in process The desired inventories on June 30 were: Oil $11,000 6,200 5,500 8,600 P1 P2 Work in process $10,000 6,700 5,700 8,300 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 Line Item Description Amount Amount Amount Direct materialer

Cost of goods sold budget Delaware Chemical Company uses oil to produce two types of plastic products, P1 and P2. Delaware budgeted 19,600 barrels of oil for purchase in June for $61 per barrel. Direct labor budgeted in the chemical process was $143,500 for June. Factory overhead was budgeted at $215,200 during June. The inventories on June 1 were estimated to be: Oil P1 P2 Work in process The desired inventories on June 30 were: Oil $11,000 6,200 5,500 8,600 P1 P2 Work in process $10,000 6,700 5,700 8,300 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 Line Item Description Amount Amount Amount Direct materialer

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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