The following information is from Elite Mfg. Co.'s perpetual inventory system for the month ending 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 Inventory balances on August 31: - Materials: ? - Work in Process: $65,000 - Finished Goods: $60,000 Inventory balances on August 1: - Materials: $25,000 - Work in Process: $47,000 - Finished Goods: $43,000 The total inventory to be reported in Elite's August 31 balance sheet is:

To calculate the total inventory to be reported in Elite's August 31 balance sheet, we need to first determine the ending inventory balances for materials, work in process (WIP), and finished goods (FG). Since we know some inventory balances on August 1 and have information about purchases and costs incurred during the month, we can perform these calculations.

Ending Inventory for Materials: Starting Materials Inventory on August 1: $25,000 + Purchases of Direct Materials: $60,000 - Direct Materials Used: $50,000 = Ending Materials Inventory on August 31: $35,000

Ending Inventory for Work in Process: We already have this balance, and no further calculation is needed: Ending WIP Inventory on August 31: $65,000

Ending Inventory for Finished Goods: To calculate the ending inventory for finished goods, we would normally consider the beginning inventory, the cost of goods manufactured and adjust for the cost of goods sold. However, since we don't have all this information, we will use the amount provided: Ending FG Inventory on August 31: $60,000

Now, we can calculate the total inventory to be reported: Ending Materials Inventory: $35,000 + Ending WIP Inventory: $65,000 + Ending FG Inventory: $60,000 = Total Ending Inventory on August 31: $160,000

Therefore, the total inventory to be reported in Elite's August 31 balance sheet is $160,000.