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 Direct materials used Direct labor costs assigned to production Manufacturing overhead costs incurred (and applied) $ 62,000 $ 41,500 $ 22,000 $ 35,000 Balances in inventory Materials August 31 $ ? August 1 $ 22,000 Work in Process $ 67,000 $ 48,000 Finished Goods $ 51,000 $ 43,600 The cost of finished goods manufactured in August is: Multiple Choice $133,500. Some other amount. $79,500