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 Direct materials used Direct labor costs assigned to production $60,000 $50,000 $25,000 Manufacturing overhead costs incurred (and applied) $35,000 Balances in inventory August 31 August 1 Materials Work in Process $? $65,000 $60,000 $25,000 $47,000 $43,000 Finished Goods The total amount of inventory to be included in Elite's August 31st balance sheet amounts to: A. $135,000 B. $210,000 C. $160,000 D. Some other amount
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 Direct materials used Direct labor costs assigned to production $60,000 $50,000 $25,000 Manufacturing overhead costs incurred (and applied) $35,000 Balances in inventory August 31 August 1 Materials Work in Process $? $65,000 $60,000 $25,000 $47,000 $43,000 Finished Goods The total amount of inventory to be included in Elite's August 31st balance sheet amounts to: A. $135,000 B. $210,000 C. $160,000 D. Some other amount
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
Transcribed Image Text: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
Direct materials used
Direct labor costs assigned to production
$60,000
$50,000
$25,000
Manufacturing overhead costs incurred (and applied) $35,000
Balances in inventory August 31 August 1
Materials
Work in Process
$?
$65,000
$60,000
$25,000
$47,000
$43,000
Finished Goods
The total amount of inventory to be included in Elite's August 31st balance sheet amounts to:
A. $135,000
B. $210,000
C. $160,000
D. Some other amount
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