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

The total amount of inventory to be included in Elite's August 31^stbalance sheet amounts to:

Multiple Choice

• $243,000.
• $144,500.
• Some other amount.
• $174,500.