1. The following information has been taken from the perpetual inventory system of Elite Manufacturing Company for the month ended August 31: 
2. 
   
3. Purchases of direct materials $ 76,000 
4. 
   
5. Direct materials used $ 62,500 
6. 
   
7. Direct labor costs assigned to production $ 20,000
8. 
   
9. Manufacturing overhead costs incurred (and applied) $ 35,000
10. 
    
11. Balances in inventory August 31 August 1 Materials $? $ 36,000 
12. 
    
13. Work in Process $ 60,000 $ 55,000 
14. 
    
15. Finished Goods $ 65,000 $ 47,800 
16. 
    
17. What is the cost of finished goods manufactured in August?