During the month of February, Loard Corporation, a manufacturing company, purchased raw materials costing $79,000. The cost of goods manufactured for the month was $109,000. The beginning balance in the raw materials account was $21,000 and the ending balance was $39,000. The beginning balance in the finished goods account was $31,000 and the ending balance was $51,000.

Required:

(a.) What was the cost of raw materials used in production during February?

(b.) What was the cost of goods sold for February?