Cost of Goods Sold In March, Chilton Company purchased materials costing $53,000 and incurred direct labor cost of $17,500. Overhead totaled $65,000 for the month. Information on aventories was as follows: March 1 March 31 Materials $14,000 $6,500 Work in process 8,000 4,000 Finished goods 9,000 7,000 Required: What was the cost of goods sold for March