Nantahala Company has the following information for August:

Cost of direct materials used in production

$30,000

Direct labor

45,000

Factory overhead

22,000

Work in process inventory, August 1

10,000

Work in process inventory, August 31

8,000

Finished goods inventory, August 1

18,000

Finished goods inventory, August 31

10,000

For August, determine (a) the cost of goods manufactured and (b) the cost of goods sold.