The following information has been taken from the perpetual inventory system of Elite Manufacturing Company for the month ended August 31 Seved Purchases of direct materials Direct materials used Direct labor costs assigned to production Manufacturing overhead costs incurred (and applied) $ 64,000 $ 44,500 $ 16,000 $ 35,000 Balances in inventory Materials Work in Process Finished Goods August 31 $ ? $ 69,000 $ 53,000 August 1 $ 26,000 $ 49,000 $ 44,200 The total amount of inventory to be included in Elite's August 31st balance sheet amounts to: Multiple Choice $167.500 $212.000 $141.500