Cost of Goods Sold Budget Delaware Chemical Company uses oil to produce two types of plastic products, P1 and P2. Delaware budgeted 18,800 barrels of oil for purchase in June for $76 per barrel. Direct labor budgeted in the chemical process was $185,700 for June. Factory overhead was budgeted at $257,200 during June. The inventories on June 1 were estimated to be: Oil P1 $13,000 8,700 7,400 Work in process 10,800 The desired inventories on June 30 were: P2 Oil P1 P2 Work in process $14,300 8,000 7,100 11,100

Cost of Goods Sold Budget Delaware Chemical Company uses oil to produce two types of plastic products, P1 and P2. Delaware budgeted 18,800 barrels of oil for purchase in June for $76 per barrel. Direct labor budgeted in the chemical process was $185,700 for June. Factory overhead was budgeted at $257,200 during June. The inventories on June 1 were estimated to be: Oil P1 $13,000 8,700 7,400 Work in process 10,800 The desired inventories on June 30 were: P2 Oil P1 P2 Work in process $14,300 8,000 7,100 11,100

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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