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

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

Balances in inventory	August 31			August 1
Materials	$	?			25,000
Work in Process	$	65,000			47,000
Finished Goods	$	60,000			43,000