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 $ 72,900 Direct materials used $ 56,500 Direct labor costs assigned to production $ 29,900 Manufacturing overhead costs incurred (and applied) $ 35,900 Balances : August 31 August 1 Materials Inventory $ ? $ 42,090 Work in Process Inventory $ 56,090 $ 53,090 Finished Goods Inventory $ 61, 900 $ 46,690 The total amount of inventory to be included in Elite's August 31s balance sheet amounts to: Multiple Choice O $132.500. O $231,000. O $174.500. O Some other amount.Which of the following costs would not be considered part of the manufacturing overhead of a furniture manufacturer? Multiple Choice O The cost of compliance with federal factory safety regulations Depreciation expense on factory equipment The cost of wood used in furniture construction O The cost of grease used to lubricate factory equipment Since manufacturing costs (direct materials, direct labor, and overhead) are consumed in the process of production, these costs are recorded in entries that include debits to: Multiple Choice O The Direct Materials Inventory. Direct Labor, and Manufacturing Overhead accounts. O Expense accounts. O The Work in Process Inventory account. O The Cost of Goods Sold account