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$60,000Direct materials used$50,000Direct labor costs assigned to production$25,000Manufacturing overhead costs incurred (and applied)$35,000

Balances in inventoryAugust 31August 1Materials$?25,000Work in Process$65,00047,000Finished Goods$60,00043,000

The total amount of inventory to be included in Elite's August31^stbalance sheet amounts to: