Chavez Corporation reported the following data for the month of July: Inventories: Raw materials Work in process Finished goods Additional information: Beginning Ending $36,000 $34,500 Raw materials purchases Direct labor cost $20,500 $26,000 $36,500 $51,500 $70,500 $95,500 $63,500 Manufacturing overhead cost incurred Indirect materials included in manufacturing overhead cost incurred Manufacturing overhead cost applied to Work in Process Any underapplied or overapplied manufacturing overhead is closed out to cost of goods sold. The cost of goods manufactured for July is: $9,800 $62,500