Data analysis, manufacturing statement, cost terminology O'Reilly Manufacturing, Inc.'s cost of goods sold for the month ended July 31 was $345,000. The ending work in process inven- tory was 90% of the beginning work in process inventory. Factory overhead was 50% of the direct labor cost. Other infor- mation pertaining to O'Reilly's inventories and production for the month of July is as follows: Beginning inventories, July 1: $ 20,000 Direct materials 40,000 Work in process .... 102,000 Finished goods ....... 110,000 Purchases of direct materials during July Ending inventories, July 31: 26,000 Direct materials ..... Work in process ...... 105,000 Finished goods Required: 1. Prepare a statement of cost of goods manufactured for the month of July. (Hint: Set up a statement of cost of goods manufactured, putting the given information in the appropri- ate spaces and solving for the unknown information.) 2. Prepare a schedule to compute the prime cost incurred during July. 3. Prepare a schedule to compute the conversion cost charged to Work in Process during July.