Please do not give solution in image format thanku Cost of Goods Sold BudgetWilmington Chemical Company uses oil to produce two types of plastic products, P1 and P2. Wilmington budgeted 16,200 barrels of oilfor purchase in June for $65 per barrel. Direct labor budgeted in the chemical process was $126,400 for June. Factory overhead wasbudgeted $189,500 during June. The inventories on June 1 were estimated to be:$8,800OilP1P2OilWork in processThe desired inventories on June 30 were:$9,700P15,900P25,1007,3005,4004,800Work in processUse the preceding information to prepare a cost of goods sold budget for June.Wilmington Chemical CompanyCost of Goods Sold Budget7,600For the Month Ending June 30Finished goods inventory, June 1Work in process inventory, June 1Direct materials:Direct materials inventory, June 1Direct materials purchasesCost of direct materials available for useLess direct materials inventory, June 30Cost of direct materials placed in production $Direct laborFactory overheadTotal manufacturing costsTotal work in process during the periodLess work in process inventory, June 30Cost of goods manufacturedCost of finished goods available for saleLess finished goods inventory, June 30Cost of goods sold$$$$$$$

The question is based on the concept of Cost Accounting.An essential component of a business'…

Cost of Goods Sold Budget Wilmington Chemical Company uses oil to produce two types of plastic products, P1 and P2. Wilmington budgeted 16,200 barrels of oil for purchase in June for $65 per barrel. Direct labor budgeted in the chemical process was $126,400 for June. Factory overhead was budgeted $189,500 during June. The inventories on June 1 were estimated to be: $8,800 5,900 Oil P1 P2 Work in process 5,100 7,300

Cost of Goods Sold Budget Wilmington Chemical Company uses oil to produce two types of plastic products, P1 and P2. Wilmington budgeted 16,200 barrels of oil for purchase in June for $65 per barrel. Direct labor budgeted in the chemical process was $126,400 for June. Factory overhead was budgeted $189,500 during June. The inventories on June 1 were estimated to be: $8,800 5,900 Oil P1 P2 Work in process 5,100 7,300

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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