Business, 02.04.2020 16:33 claytedd9894

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 $60,000 Direct materials used $50,000 Direct labor costs assigned to production $25,000 Manufacturing overhead costs incurred (and applied) $35,000 Balances in inventory August 31 August 1 Materials $ $20,000Work in Process 60,000 42,000Finished Goods 55,000 38,000Refer to the above data. The total amount of inventory to be included in Elite's August 30 balance sheet amounts to:a. $118,000.b. $140,000.c. $145,000.d. Some other amount. Refer to the above data. Total manufacturing costs charged (debited) to work in process during August amount to:a. $100,000.b. $110,000.c. $95,000.d. Some other amount. Refer to the above data. The cost of finished goods manufactured in August is:a. $95,000.b. $77,000.c. $55,000.d. Some other amount. Refer to the above data. The cost of goods sold in August is:a. $60,000.b. $75,000.c. $95,000.d. Some other amount.

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