tion.com xam Help Save&Exit Required information The following information applies to the questions displayed below. 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 Direct materials used Direct labor costs assigned to production Manufacturing overhead costs in $72,000 $56,500 $29,000 (and applied) $35,000 Balances in inventory Materials Work in Process Finished Goods August 31 August 1 $ 42.000 $56,000 53,000 $61,00046,600 The cost of goods sold in August is