RECOMMENDED!!Universal Chemical Company uses oil to produce
Cost of Goods Sold BudgetUniversal Chemical Company uses oil to produce two types of plastic products, P1 and P2. Universal budgeted 28,600 barrels of oil for purchase in April for $64 per barrel. Direct labor budgeted in the chemical process was $219,600 for April. Factory overhead was budgeted $329,500 during April. The inventories on April 1 were estimated to be:Oil$15,400P110,300P28,800Work in process12,700The desired inventories on April 30 were:Oil$16,900P19,400P28,300Work in process13,200Hide Use the preceding information to prepare a cost of goods sold budget for April 2015.Universal Chemical CompanyCost of Goods Sold BudgetFor the Month Ending April 30, 2015$$Direct materials:$$$$$$
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