Fukushima Chemical Company uses polyester to produce two types of joint products, Fiber 1 and Fiber 2. Fukushima budgeted 7,200 tons of polyester for purchase in July for $650 per ton. Direct labor budgeted in the chemical process was $830,000 for July. Factory overhead was budgeted at $400,000 during June and budgeted to increase by 10% in July due to the rise in property tax. The inventories on July 1 were estimated to be: Polyester Work in Process Fiber 1 $15,300 99,800 6,200 8,700 Fiber 2 The desired inventories on July 31 were: Polyester Work in Process Fiber 1 Fiber 2 $23,050 108,900 22,300 6,900 Requirement: Use the preceding information to compute a) cost of materials placed in production; b) cost of goods manufactured; c) cost of goods sold for July. Fukushima Chemical Company uses polyester to produce two types of joint products, Fiber 1 and Fiber 2. Fukushima budgeted 7,200 tons of polyester for purchase in July for $650 per ton. Direct labor budgeted in the chemical process was $830,000 for July. Factory overhead was budgeted at $400,000 during June and budgeted to increase by 10% in July due to the rise in property tax. The inventories on July 1 were estimated to be: Polyester Work in Process Fiber 1 $15,300 99,800 6,200 8,700 Fiber 2 The desired inventories on July 31 were: Polyester Work in Process Fiber 1 Fiber 2 $23,050 108,900 22,300 6,900 Requirement: Use the preceding information to compute a) cost of materials placed in production; b) cost of goods manufactured; c) cost of goods sold for July