Chavez Corporation reported the following data for the month of July: Inventories: 
Additional information:
Any underapplied or overapplied manufacturing overhead is closed out to cost of goods sold.The direct materials cost for July is:
Definitions:
Inelastic Demand
A situation where the demand for a product does not significantly change with a change in its price.
Elastic Supply
A situation where the quantity supplied of a good changes significantly as the price changes.
Tax Burden
The total amount of tax that individuals, businesses, or other entities must pay to authorities, often expressed as a percentage of income or revenue.
Inelastic Demand
A situation where the demand for a good or service is not significantly changed by changes in price.
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