question archive Wilmington Chemical Company uses oil to produce two types of plastic products, P1 and P2
Subject:AccountingPrice:3.86 Bought12
Wilmington Chemical Company uses oil to produce two types of plastic products, P1 and P2.
Wilmington budgeted 15,200 barrels of oil for purchase in June for $70 per barrel. Direct labor budgeted in the chemical process was $138,300 for June. Factory overhead was budgeted $191,500 during June. The inventories on June 1 were estimated to be:
Oil $9,700
P1 6,500
P2 5,500
Work in process 8,000
The desired inventories on June 30 were:
Oil $10,600
P1 5,900
P2 5,300
Work in process 8,300
Use the preceding information, cost of goods sold budget for June.
Wilmington Chemical Company
Cost of Goods Sold Budget
For the Month Ending June 30
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Direct materials:
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Purchased 12 times