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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