Delaware Chemical Company Uses Oil To Produce Two Types Of Plastic Products P1 And P2 Delaware Budgeted 18 000 Barrels 1 (16.53 KiB) Viewed 10 times
Delaware Chemical Company uses oil to produce two types of plastic products, P1 and P2. Delaware budgeted 18,000 barrels of oil for purchase in June for $61 per barrel. Direct labor budgeted in the chemical process was $120,800 for June. Factory overhead was budgeted at $197,600 during June. The inventories on June 1 were estimated to be: $8,500 5,700 P2 4,800 Work in process 7,000 The desired inventories on June 30 were: $9,300 5,200 4,600 7,200 Oil P1 Oil P1 P2 Work in process
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 Finished goods inventory, June 1 Work in process inventory, June 1 Direct materials: Direct materials inventory, June 1 Direct materials purchases ✓ Cost of direct materials available for use Direct materials inventory, June 30 Cost of direct materials placed in production Direct labor Factory overhead ✓ Total manufacturing costs ✓ Total work in process during the period Work in process inventory, June 30 Cost of goods manufactured ✓ Cost of finished goods available for sale Finished goods inventory, June 30 Cost of goods sold ✓ ✓ ✓ $ 0000
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