k 3 Exam-ACCOUNTING 11 ERI xam Help Save&Exit 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 inventoryAugust 31 August 1 Materials Work in Process Finished Goods $? 42,000 $56,000 53,000 $61,00046,600 The total amount of inventory to be included in Elite's August 31st balance sheet amounts to