he 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)$35,000 Balances in inventoryAugust 31August 1 Materials$? 25,000 Work in Process$65,000 47,000 Finished Goods$60,000 43,000 The total amount of inventory to be included in Elite's August31st balance sheet amounts to:

Bandar industries berhad of malaysia manufactures sporting equipment. one of the company’s products, a football helmet for the north american market, requires a special plastic. during the quarter ending june 30, the company manufactured 35,000 helmets, using 22,500 kilograms of plastic. the plastic cost the company $171,000. according to the standard cost card, each helmet should require 0.6 kilograms of plastic, at a cost of $8 per kilogram. 1. what is the standard quantity of kilograms of plastic (sq) that is allowed to make 35,000 helmets? 2. what is the standard materials cost allowed (sq x sp) to make 35,000 helmets? 3. what is the materials spending variance? 4. what is the materials price variance and the materials quantity variance?