Cost of Goods Sold, Cost of Goods Manufactured Hill Company has the following information for January: Cost of direct materials used in production $16,800 Direct labor 43,400 Factory overhead 28,000 Work in process inventory, January 1 70,000 Work in process inventory, January 31 74,200 Finished goods inventory, January 1 29,400 Finished goods inventory, January 31 33,600