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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

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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
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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