# The following information has been taken from the perpetual inventory system of Elite Mfg. Co. for...

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 \$ 78,000 Direct materials used \$ 65,500 Direct labor costs assigned to production \$ 31,000 Manufacturing overhead costs incurred (and applied) \$ 35,000
 Balances in inventory August 31 August 1 Materials \$ ? 40,000 Work in Process \$ 62,000 56,000 Finished Goods \$ 67,000 48,400

The cost of goods sold in August is:

Calculations:

 Schedule of cost of goods sold For the month end August 31 Direct Materials Used in Production \$ 65,500 + Direct labor \$ 31,000 + Manufacturing overhead \$ 35,000 Total Manufacturing costs \$ 131,500 Add: Beginning WIP Inventory \$ 62,000 Less: Ending WIP inventory (\$ 56,000) Cost of Goods Manufactured \$ 137,500 Add: Beginning Finished Goods Inventory \$ 67,000 Less: Ending finished goods inventory (\$ 48,400) Cost of goods sold \$ 252,900
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