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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:

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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:
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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