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In July, Econo Company purchased materials costing $21,000 and incurred direct labor cost of $18,000. Overhead totaled $32,000 for the month. Information on inventories was

In July, Econo Company purchased materials costing $21,000 and incurred direct labor cost of $18,000. Overhead totaled $32,000 for the month. Information on inventories was as follows:

July 1

July 31

Materials

$6,200

$7,100

Work in process

$ 700

$1,200

Finished goods

$3,300

$2,700

Refer to Figure 2-5. What was the cost of goods sold for July?

$70,200

$69,600

$71,300

$71,100

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