Beginning Ending Raw materials $45,000 $51,000 Work in process $66,000 $74,000 Finished goods $38,000 $27,000 Raw materials purchases $88,000 Direct labor cost $94,000 Actual Manufacturing overhead cost incurred $53,000 Indirect materials included in manufacturing overhead cost incurred $13,000 Manufacturing overhead cost applied to Work in Process $52,000 Any underapplied or overapplied manufacturing overhead is closed out to cost of goods sold. The adjusted cost of goods sold that appears on the income statement for July is: