Nantahala Company has the following information for August:
Cost of direct materials used in production . $30,000
Direct labor ............... 45,000
Factory overhead ............. 22,000
Work in process inventory, August 1 ...... 10,000
Work in process inventory, August 31 ...... 8,000
Finished goods inventory, August 1 ..... 18,000
Finished goods inventory, August 31 ..... 10,000

For August, determine
(a) The cost of goods manufactured and
(b) The cost of goods sold.