Reference no: EM132574360
Question - 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 $80,000
Direct materials used $68,500
Direct labor costs assigned to production $28,000
Manufacturing overhead costs incurred (and applied) $35,000
Balances in inventory August 31 August 1 Materials $30,000
Work in Process $64,000 57,000
Finished Goods $69,000 49,000
Required - Find the total amount of inventory to be included in Elite's August 31st balance sheet?
a. $243,000.
b. $144,500.
c. $174,500.
d. Some other amount.