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	$	75,000
Direct materials used	$	61,000
Direct labor costs assigned to production	$	30,000
Manufacturing overhead costs incurred (and applied)	$	35,000

Balances in inventory	August 31			August 1
Materials	$	?			34,000
Work in Process	$	59,000			54,500
Finished Goods	$	64,000			47,500

The cost of goods sold in August is:

Multiple Choice

• $16,500.

• $105,000.

• $169,000.

• Some other amount.