The following information has been taken from the perpetual inventory system of Elite Manufacturing Company for the month ended August 31: Purchases of direct materials Direct materials used Direct labor costs assigned to production Manufacturing overhead costs incurred (and applied) $ 60,000 $ 50,000 $ 25,000 $ 35,000 Balances in inventory August 31 Materials August 1 $ ? $ 25,000 Work in Process $ 65,000 $ 47,000 Finished Goods $ 60,000 $ 43,000 The total amount of inventory to be included in Elite's August 31st balance sheet amounts to: