During the current year, Aberdeen Company incurred the following product costs: DirThe following information has been taken from the perpetual inventory system of Elite Manufacturing Company for the month ended August 31: Purchases of direct materials $ 68,000 Direct materials used $ 50,500 Direct labor costs assigned to production $ 24,000 Manufacturing overhead costs incurred (and applied) $ 35,000 Balances: August 31 August 1 Materials Inventory $ ? $ 34,000 Work in Process Inventory $ 52,000 $ 51,000 Finished Goods Inventory $ 57,000 $ 45,400 The cost of finished goods manufactured in August is:ect materials used in production $274,000 Direct labor $127,500 Manufacturing overhead $190,000 The company's beginning Work in Process Inventory was $20,000 and its ending Work in Process Inventory amounted to $30,000. What is the company's cost of finished goods manufactured for the year?The following information has been taken from the perpetual inventory system of Elite Manufacturing Company for the month ended August 31: Purchases of direct materials $ 68,000 Direct materials used $ 50,500 Direct labor costs assigned to production $ 24,000 Manufacturing overhead costs incurred (and applied) $ 35,000 Balances: August 31 August 1 Materials Inventory $ ? $ 34,000 Work in Process Inventory $ 52,000