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Find the total amount of inventory

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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.

Reference no: EM132574360

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