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