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 $ 69,000 Direct materials used $ 52,000 Direct labor costs assigned to production $ 28,000 Manufacturing overhead costs incurred (and applied) $ 35,000

Balances in inventory August 31 August 1

Materials $ ? 36,000 Work in Process $ 53,000 51,500 Finished Goods $ 58,000 45,700

A. The total amount of inventory to be included in Elite's August 31st balance sheet amounts to:

• Some other amount.

• $164,000.

• $128,000.

• $216,000.

B. The cost of goods sold in August is:

Multiple Choice

• $159,200.

• $101,200.

• $12,300.

• Some other amount.