Cost of Direct Materials, Cost of Goods Manufactured, Cost of Goods Sold Bisby Company manufactures fishing rods. At the beginning of July, the following information was supplied by its accountant: Raw materials inventory $40,000 Work-in-process inventory 21,000 Finished goods inventory 23,200 During July, the direct labor cost was $43,500, raw materials purchases were $64,000, and the total overhead cost was $108,750. The inventories at the end of July were: Raw materials inventory $19,800 Work-in-process inventory 32,500 Finished goods inventory 22,100 Required: 1. What is the cost of the direct materials used in production during July? $ 2. What is the cost of goods manufactured for July? $ 3. What is the cost of goods sold for July?