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. $66000

Direct material used. $47500

Direct labor costs assigned to production $27000

Manufacturing overhead costs incurred (and applied)

$35000

Balances in inventory August 31. August 1

Materials ? $30000

Work on Process $50000. $50000

Finished goods. $55000. $44800

The total inventory to be included in Elites August 31st balance sheet amounts to:

1) 123,5000

2) 201,000

3) 153,500

4) some other amount