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

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 $ 73,000 Direct materials used $58,000 Direct labor costs assigned to production $ 19,000 Manufacturing overhead costs incurred (and applied) $35,000 Balances in inventory Materials Work in Process Finished Goods August 31 August 1 $ ? 30,000 $ 57,000 53,500 $62,000 46,900