Problem: Last month, Valencia Industries provided the following information regarding its operations: Purchases of raw materials: $26,000 Indirect materials included in manufacturing overhead: $6,000 Direct labor cost: $58,000 Manufacturing overhead applied to Work in Process: $87,000 Overapplied overhead: $6,000 Inventory levels at the beginning and end of the month were as follows: Raw materials inventory: Beginning $12,000, Ending $18,000 Work in process inventory: Beginning $46,000, Ending $64,000 Finished goods inventory: Beginning $31,000, Ending $46,000 Calculate the direct materials cost for the month on the Schedule of Cost of Goods Manufactured. Group of answer choices $38,000 $32,000 $14,000 $26,000