In October, XYZ Company used materials in production costing $40,000, incurred direct labor costs of $30,000 and applied overhead $22,000 for the month. The company reports cost of goods manufactured in October as $90,000. Information on inventories was as follows: October 1 October 31 Materials $6,000 $4,000 Work in process $2,500 $1,200 Finished goods $4,000 $6,000 What was the cost of goods sold in October