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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:Purchases of direct materials $60,000Direct materials used $50,000Direct labor costs assigned to production $25,000Manufacturing overhead costs incurred (and applied) $35,000Balances in inventory August 31 August 1Materials $? $25,000Work in Process $65,000 $47,000Finished Goods $60,000 $43,000The cost of finished goods manufactured in August is:____________A. $147,000B. $92,000C. $57,000D. Some other amount

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Based on the various purchases and costs incurred by Elite Mfg Co., the cost of finished goods in August is B. $92,000.

What is the cost of finished goods?

This can be found as:

= Direct material beginning inventory + Purchase of raw materials - Ending raw materials + Direct labor + Manufacturing overhead + Opening Work in process - Closing WIP

Solving gives:

= 25,000 + 60,000 - 35,000 + 25,000 + 35,000 + 47,000 - 65,000

= $92,000

Find out more on cost of finished goods at https://brainly.com/question/14517626.

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