The following information has been taken from the perpetual inventory system of Elite Manufacturing Company for the month ended August 31: $ 60,000 $ 50,000 $ 25,000 $ 35,000 Purchases of direct materials Direct materials used Direct labor costs assigned to production Manufacturing overhead costs incurred (and applied) Balances in inventory Materials Work in Process Finished Goods August 31 August 1 $ ? $ 25,000 $ 47,000 $ 65,000 $ 60,000 $ 43,000 The total amount of inventory to be included in Elite's August 31st balance sheet amounts to:
The following information has been taken from the perpetual inventory system of Elite Manufacturing Company for the month ended August 31: $ 60,000 $ 50,000 $ 25,000 $ 35,000 Purchases of direct materials Direct materials used Direct labor costs assigned to production Manufacturing overhead costs incurred (and applied) Balances in inventory Materials Work in Process Finished Goods August 31 August 1 $ ? $ 25,000 $ 47,000 $ 65,000 $ 60,000 $ 43,000 The total amount of inventory to be included in Elite's August 31st balance sheet amounts to:
Chapter1: Financial Statements And Business Decisions
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
Transcribed Image Text:The following information has been taken from the perpetual inventory system of Elite Manufacturing Company for the month ended August 31:
$ 60,000
$ 50,000
$ 25,000
$ 35,000
Purchases of direct materials.
Direct materials used
Direct labor costs assigned to production
Manufacturing overhead costs incurred (and applied)
Balances in inventory
Materials
Work in Process
Finished Goods
August 31 August 1
$ ?
$ 25,000
$ 65,000
$ 47,000
$ 60,000 $ 43,000
The total amount of inventory to be included in Elite's August 31st balance sheet amounts to:
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