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 $64,000 Direct materials used $44,500 Direct labor costs assigned to production $ 16,000 Manufacturing overhead costs incurred (and applied) $35,000 Balances in inventory Materials Work in Process Finished Goods August 31 August 1 $ ? 26,000 $69,000 49,000 $53,000 44,200 The total amount of inventory to be included in Elite's August 31st balance sheet amounts to: Multiple Choice $141,500 Some other amount $167,500 5212.000 Total manufacturing costs charged (debited) to Work in Process during August amount to: Multiple Choice Some other amount $121,500 $95,500 $51,000 The cost of finished goods manufactured in August is: Multiple Choice $75,500 Some other amount 558.000 $135.500 The cost of goods sold in August is: Multiple Choice Some other amount $8.800 $119,700 $66,700