Find the total amount of inventory

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Reference no: EM1314539

Calculation of Inventory value and total manufacturing cost.

The following information has been taken from the perpetual inventory system of Select Mfg. Co. for the month ended August 31:

Purchases of direct materials	$50,000
Direct materials used	40,000
Direct labor costs assigned to production	15,000
Manufacturing overhead costs incurred (and applied)	25,000

Balances in inventory	Aug 31	Aug 1
Materials	$ ?	$15,000
Work-in-Progress	55,000	37,000
Finished Goods	50,000	33,000

What is the total amount of inventory to be included in Select's August 31st balance sheet?

What are the total manufacturing costs charged (debited) to Work-in-Process during August?

Reference no: EM1314539

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