Cost of Goods Sold, Cost of Goods Manufactured Gauntlet Company has the following information for December: Cost of direct materials used in production $ 50,000 Direct labor 62,000 Factory overhead 28,000 Work in process inventory, December 1 44,000 Work in process inventory, December 31 40,000 Finished goods inventory, December 1 27,000 Finished goods inventory, December 31 17,000 a. For December, determine the cost of goods manufactured. b. For December, determine the cost of goods sold.