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 53:15 Direct labor costs assigned to production Manufacturing overhead costs incurred (and applied) Balances in inventory Materials August 31 $? August 1 $ 20,000 Work in Process $ 66,000 $ 47,500 Finished Goods $ 50,000 $ 43,300 The cost of finished goods manufactured in August is: $ 61,000 $ 40,000 $ 15,000 $ 35,000