In January, Lauren Ashley Company purchased materials costing $20,000 and incurred direct labor cost of $12,000. Overhead totaled $32,500 for the month. Information on inventories was as follows: January 1 January 31 Materials Work-in-process Finished goods $11,000 5,000 6,500 $8,000 9.000 7.000 What was the cost of goods sold for January? O $18,500 O $63,000 O $72,000 O $60,000