The following information has been taken from the perpetual inventory system of Grump Mfg. Co. for the month ended August 31:
Purchases of direct materials
Direct materials used
Direct labor costs assigned to production
Manufacturing overhead costs incurred (and applied)
$\hspace{0.2cm}60,000$
$\hspace{0.2cm}50,000$
$\hspace{0.2cm}25,000$
$\hspace{0.2cm}35,000$
Balances in inventory
August 31
August 1
Materials
$\hspace{0.2cm}?
$\hspace{0.2cm}25,000$
Work in Process
$\hspace{0.2cm}65,000
$\hspace{0.2cm}47,000$
Finished Goods
$\hspace{0.2cm}60,000
$\hspace{0.2cm}43,000$
The total amount of inventory to be included in Grump's August 31st balance sheet amounts to:
$\hspace{0.2cm}135,000$
$\hspace{0.2cm}210,000$
$\hspace{0.2cm}160,000$
Some other amount.