Wilmington Chemical Company uses oil to produce two types of plastic products, P1 and P2. Wilmington budgeted 20,700 barrels of oil for purchase in June for $64 per barrel. Direct labor budgeted in the chemical process was $145,700 for June. Factory overhead was budgeted $238,500 during June. The inventories on June 1 wen estimated to be: Oil $10,200 P1 6,800 P2 5,800 Work in process 8,500 The desired inventories on June 30 were: Oil P1 P2 Work in process $11,200 6,300 5,500 8,700 Use the preceding information to prepare a cost of goods sold budget for June. Wilmington Chemical Company Cost of Goods Sold Budget For the Month Ending June 30 Finished goods inventory, June 1. Work in process inventory, June 1 $8.500 12,600

Wilmington Chemical Company uses oil to produce two types of plastic products, P1 and P2. Wilmington budgeted 20,700 barrels of oil for purchase in June for $64 per barrel. Direct labor budgeted in the chemical process was $145,700 for June. Factory overhead was budgeted $238,500 during June. The inventories on June 1 wen estimated to be: Oil $10,200 P1 6,800 P2 5,800 Work in process 8,500 The desired inventories on June 30 were: Oil P1 P2 Work in process $11,200 6,300 5,500 8,700 Use the preceding information to prepare a cost of goods sold budget for June. Wilmington Chemical Company Cost of Goods Sold Budget For the Month Ending June 30 Finished goods inventory, June 1. Work in process inventory, June 1 $8.500 12,600

Name: Gd.111. Cost of Goods Sold BudgetWilmington Chemical Company uses oil
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Description: Gd.111. Cost of Goods Sold BudgetWilmington Chemical Company uses oil to produce two types of plastic products, P1 and P2. Wilmington budgeted 20,700 barrels of oil for purchase in June for $64 per barrel. Direct labor budgeted in the chemical proces

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter8: Budgeting

Section: Chapter Questions

Problem 15E: Cost of goods sold budget Delaware Chemical Company uses oil to produce two types of plastic...

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