The following information has been taken from the perpetual inventory system of Elite Mfg. Co. for the month ended August 31:

Purchases of direct materials	$	78,000
Direct materials used	$	65,500
Direct labor costs assigned to production	$	31,000
Manufacturing overhead costs incurred (and applied)	$	35,000

Balances in inventory	August 31			August 1
Materials	$	?			40,000
Work in Process	$	62,000			56,000
Finished Goods	$	67,000			48,400

The cost of finished goods manufactured in August is: