Chavez Corporation reported the following data for the month of July: Inventories: Raw materials Work in process Finished goods Beginning Ending $ 30,000 $31,500 $ 17,500 $20,000 $ 33,500 $48,500 Additional information: Raw materials purchases Direct labor cost Manufacturing overhead cost incurred Indirect materials included in manufacturing overhead cost incurred Manufacturing overhead cost applied to Work in Process $67,500 $92,500 $60,500 $ 8,600 $59,500 Any underapplied or overapplied manufacturing overhead is closed out to cost of goods sold. The direct materials cost for July is: Multiple Choice Any underapplied or overapplied manufacturing overhead is closed out to cost of goods sold. The direct materials cost for July is: Multiple Choice $57,400 $66,000 $69,000 $67,500