Delaware Chemical Company uses oil to produce two types of plastic products, P1 and P2. Delaware budgeted 17,600 barrels of oil for purchase in June for $70 per barrel. Direct labor budgeted in the chemical process was $147,800 for June. Factory overhead was budgeted at $221,800 during June. The inventories on June 1 were estimated to be: Oil $10,300 P1 6,900 P2 5,900 Work in process 8,600 The desired inventories on June 30 were: Oil $11,400 P1 6,400 P2 5,600 Work in process 8,900 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 Direct materials:

Delaware Chemical Company uses oil to produce two types of plastic products, P1 and P2. Delaware budgeted 17,600 barrels of oil for purchase in June for $70 per barrel. Direct labor budgeted in the chemical process was $147,800 for June. Factory overhead was budgeted at $221,800 during June. The inventories on June 1 were estimated to be: Oil $10,300 P1 6,900 P2 5,900 Work in process 8,600 The desired inventories on June 30 were: Oil $11,400 P1 6,400 P2 5,600 Work in process 8,900 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 Direct materials:

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Description: 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 CompanyCost of Goods Sold BudgetFor the Month Ending June 30Dire

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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