Cost of Goods Sold, Cost of Goods Manufactured Piper Company has the following information for January: Cost of direct materials used in production $ 40,000 Direct labor 47,000 Factory overhead 26,000 Work in process inventory, January 1 32,000 Work in process inventory, January 31 32,000 Finished goods inventory, January 1 21,000 Finished goods inventory, January 31 a. For January, determine the cost of goods manufactured. 14,000 b. For January, determine the cost of goods sold