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he following information has been taken from the perpetual inventory system of Elite Mfg. Co. for the month ended August 31: Purchases of direct materials$60,000 Direct materials used$50,000 Direct labor costs assigned to production$25,000 Manufacturing overhead costs incurred (and applied)$35,000 Balances in inventoryAugust 31August 1 Materials$? 25,000 Work in Process$65,000 47,000 Finished Goods$60,000 43,000 The total amount of inventory to be included in Elite's August31st balance sheet amounts to:
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he following information has been taken from the perpetual inventory system of Elite Mfg. Co. for th...
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