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The following costs pertain to Pete Co.s purchase of inventory in 2014, Pete Co.s first year of operations:
| | | |
| 1200 units of product X | 12,500 | |
| Insurance cost during transit of purchased goods | 200 | |
| Freight-in | 350 | |
| Cost of labor to bring product X to saleable condition | 3,200 | |
| Total | 16,250 | |
| |
None of the inventory was sold during 2014. What will be the ending balance in Pete Co.s inventory
A. 16,250
B. 13,050
C. 15,700
D. 12,500
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