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The following information has been taken from the perpetual inventory system of Elite Mfg. Co....

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Accounting

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. $66000
Direct material used. $47500
Direct labor costs assigned to production $27000
Manufacturing overhead costs incurred (and applied)
$35000
Balances in inventory August 31. August 1
Materials ? $30000
Work on Process $50000. $50000
Finished goods. $55000. $44800
The total inventory to be included in Elites August 31st balance sheet amounts to:
1) 123,5000
2) 201,000
3) 153,500
4) some other amount

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