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

• $231,000.

• $174,500.

• $132,500.

• Some other amount.

The cost of finished goods manufactured in August is:

• $117,500.

• Some other amount.

• $180,500.

• $46,000.

The cost of goods sold in August is:

• $14,400.

• $164,100.

• Some other amount.

• $103,100.

Total manufacturing costs charged (debited) to Work in Process during August amount to:

• $64,000.

• Some other amount.

• $162,500.

• $120,500.

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 $72,000 Direct materials used $56,500 Direct labor costs assigned to production $29,000 Manufacturing overhead costs incurred (and applied) $35,000 Balances in inventory Materials Work in Process Finished Goods August 31 August 1 $ ? 42,000 $56,000 53,000 $ 61,000 46,600