Example Exercise 16-5 Ebony Company has the following information for July Cost of direct materials used in production Direct labor Factory overhead Work in process inventory, July 1 Work in process inventory, July 31 Finished goods inventory, July 1 Finished goods inventory, July 31 $67,200 88,000 44,800 32,800 29,600 37,600 27,200 For July, determine (a) the cost of goods manufactured and (o) the cost of goods sold. a. b