In July, Econo Company purchased materials costing $21,000 and incurred direct labor cost of $18,000....
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Accounting
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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