During 2020, Pitt Corporation incurred costs to develop and produce a routine, low- risk computer software product as follows: Completion of detailed program design 130,000 Costs incurred for coding & testing to establish technological feasibility 100,000 Other coding costs after establishment of technological feasibility 240,000 Other testing costs after establishment of technological feasibility 200,000 Cost of producing product masters for training materials 150,000 Duplication of computer software and training materials from product masters (1,000 units) 250,000 Packaging products (500 units) 90,000 In Pitt's December 31, 2020 statement of financial position, what amount should be reported in Inventory?
During 2020, Pitt Corporation incurred costs to develop and produce a routine, low- risk computer software product as follows:
Completion of detailed program design 130,000
Costs incurred for coding & testing to establish
technological feasibility 100,000
Other coding costs after establishment of
technological feasibility 240,000
Other testing costs after establishment of
technological feasibility 200,000
Cost of producing product masters for training materials 150,000
Duplication of computer software and training materials from product
masters (1,000 units) 250,000
Packaging products (500 units) 90,000
In Pitt's December 31, 2020
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