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$80,000Direct materials used$68,500Direct labor costs assigned to production$28,000Manufacturing overhead costs incurred (and applied)$35,000

Balances in inventoryAugust 31August 1Materials$?30,000Work in Process$64,00057,000Finished Goods$69,00049,000

The cost of goods sold in August is:

Multiple Choice

• $173,500.
• $104,500.
• Some other amount.
• $20,000.