he following information has been taken from the perpetual inventory system of Elite Manufacturing Company for the month ended August 31:

Purchases of direct materials	$ 66,000
Direct materials used	$ 47,500
Direct labor costs assigned to production	$ 27,000
Manufacturing overhead costs incurred (and applied)	$ 35,000

Balances in inventory	August 31	August 1
Materials	$ ?	$ 30,000
Work in Process	$ 50,000	$ 50,000
Finished Goods	$ 55,000	$ 44,800

The total amount of inventory to be included in Elite's August 31^st balance sheet amounts to:

Multiple Choice

$201,000.

Some other amount.

$153,500.

$123,500.