The following information has been taken from the perpetual inventory system of Elite Mfg. Co. for the month ended August 31: The total amount of Inventory to be Included in Elite's August31st balance sheet amounts to: 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 August 31 1 S ? $ 65,000 $ 60,000 25,000 47,000 43,000 $ 60,000 $ 50,000 $ 25,000 $ 35,000
The following information has been taken from the perpetual inventory system of Elite Mfg. Co. for the month ended August 31: The total amount of Inventory to be Included in Elite's August31st balance sheet amounts to: 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 August 31 1 S ? $ 65,000 $ 60,000 25,000 47,000 43,000 $ 60,000 $ 50,000 $ 25,000 $ 35,000
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 Mfg. Co. for the month ended August 31:
The total amount of Inventory to be included in Elite's August31st balance sheet amounts to:
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
S
August
1
?
$ 65,000
$ 60,000
25,000
47,000
43,000
$
60,000
$ 50,000
$ 25,000
$ 35,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fbea36d7b-4b25-4183-84db-e693dd8df706%2Fe1ffc117-defb-4334-946b-8c11f6b161cd%2F9m9qth9_processed.jpeg&w=3840&q=75)
Transcribed Image Text:[The following information applies to the questions displayed below.]
The following information has been taken from the perpetual inventory system of Elite Mfg. Co. for the month ended August 31:
The total amount of Inventory to be included in Elite's August31st balance sheet amounts to:
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
S
August
1
?
$ 65,000
$ 60,000
25,000
47,000
43,000
$
60,000
$ 50,000
$ 25,000
$ 35,000
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