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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 total amount of inventory to be included in Elite's August 31st balance sheet amounts to:
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Answer #1
Computation of Raw material inventory as at Aug 31:
Beginning Raw material inventory 40,000
Add: Purchased 78,000
Total cost of raw material available for use 1,18,000
Less: Material used in production 65,500
Raw material inventory as at Aug 31 52,500
Total Amount of Inventory to be shown in Aug31 Balance Sheet:
Raw material inventory 52,500
WIP inventory 62,000
Finished goods inventory 67,000
Total Inventory on Aug 31 1,81,500
Answer is $ 181,500
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