22. The following costs pertain to Pete Co.’s purchase of inventory in year 4, Pete Co.’s first year of operations: 1200 units of product X12,500 Insurance cost during transit of purchased goods200 Freight-in350 Cost of labor to bring product X to saleable condition3,200 Total16,250 None of the inventory was sold during year 4. What will be the ending balance in Pete Co.’s inventory?

Inventory are those products before becoming finished goods or in simple words they raw materials…

Answered: 4, Pete Co.’s first year of operations:…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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22. The following costs pertain to Pete Co.’s purchase of inventory in year 4, 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 year 4. What will be the ending balance in Pete Co.’s inventory?

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