QUESTION 30 Figure 2-5. 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: Materials Work in process Finished goods July 1 $6,200 700 $3,300 July 31 $7,100 $1,200 $2,700 Refer to Figure 2-5. What was the cost of goods sold for July? O$70,200 o $69,600 O $71,300 O $71,100