Account Balances Feb. 28 Account Jan. 31 Costs Incorred Direct Materials Used Materials Inventory Work in Process Inventory 27,000 Direct Labor Incurred 17,000 Factory Overhead Incurred Finished Goods Inventory Cost of Goods Sold Data for February Decrease in materials inventory Materials inventory on Feb. 28 Direct materials purchased Direct materials used Total manufacturing costs incurred in period Total manufacturing costs incurred in period Total manufacturing costs incurred in period $3,000 50% of materials inventory on Jan. 31 $12,600 3 times the direct labor incurred $29,400 70% of Cost of Goods Manufactured $9,000 less than Cost of Goods Sold Account Materials Inventory Work in Process Inventory Account Balances Jan. 31 Feb. 28 Costs Incerred Direct Materials Used 27,000 Direct Labor Incurred 17,000 Factory Overhead Incurred Finished Goods Inventory Cost of Goods Sold