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 costa incurred (and applied) $ 69,000 $ 52,000 $ 28,000 $ 35,000 Balances in inventory Materials August 31 $ 2 August 1 Work in Process $ 53,000 $ 36,000 $51,500 Finished Goods $ 58,000 $ 45,700 The total amount of inventory to be included in Elite's August 31st balance sheet amounts to: Multiple Choice Some other amount. $216,000.