Question
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
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 total amount of inventory to be included in Elite's August 31st balance sheet amounts to: |
Multiple Choice
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$171,000.
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Some other amount.
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$232,000.
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$137,000.
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Accounting Tools For Business Decision Making
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
4th Edition
0470534788, 978-0470534786
