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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

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:

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