Use the following to answer questions 40-43:

The following information has been taken from the perpetual inventory system of Elite Mfg. Co. for the month ended August 30:

Purchases of direct materials..............................................................................		$55,000
Direct materials used....................................................................................		45,000
Direct labor costs assigned to production...........................................................................		20,000
Manufacturing overhead costs incurred (and applied)...............................................................................		30,000
Balances in inventory	August 30	August 1
Materials.............................................................................	$?	$20,000
Work in Process................................................................................	60,000	42,000
Finished Goods.................................................................................	55,000	38,000

40. Refer to the above data. The total amount of inventory to be included in Elite's August 30 balance sheet amounts to:

A) $118,000.

B) $140,000.

C) $145,000.

D) Some other amount.

41. Refer to the above data. Total manufacturing costs charged (debited) to work in process during August amount to:

A) $100,000.

B) $110,000.

C) $95,000.

D) Some other amount.

42. Refer to the above data. The cost of finished goods manufactured in August is:

A) $95,000.

B) $77,000.

C) $55,000.

D) Some other amount.

43. Refer to the above data. The cost of goods sold in August is:

A) $60,000.

B) $75,000.

C) $95,000.

D) Some other amount.

Use the following to answer questions 44-47:

The following information has been taken from the perpetual inventory system of Regal Mfg. Co. for the month ended September 30:

Purchases of direct materials..............................................................................		$67,000
Direct materials used....................................................................................		65,000
Direct labor costs assigned to production...........................................................................		35,000
Manufacturing overhead costs incurred...............................................................................		55,000
Balances in inventory	Sept 30	Sept 1
Materials.............................................................................	$?	$55,000
Work in Process................................................................................	30,000	40,000
Finished Goods.................................................................................	83,000	71,000

44. Refer to the above data. The total amount of inventory to be included in Regal's September 30 balance sheet amounts to:

A) $215,000.

B) $122,000.

C) $170,000.

D) Some other amount.

45. Refer to the above data. Total manufacturing costs charged (debited) to work in process during September amount to:

A) $195,000.

B) $155,000.

C) $165,000.

D) Some other amount.

46. Refer to the above data. The cost of finished goods manufactured in September is:

A) $138,000.

B) $165,000.

C) $140,000.

D) Some other amount.

47. Refer to the above data. The cost of goods sold in September is:

A) $165,000.

B) $140,000.

C) $153,000.

D) Some other amount.