In 2006, Pitt Corp. incurred costs to develop and produce a routine, low-risk computer software product, as follows:

Items 1 and 2 are based on the following:

During 2006, Pitt Corp. incurred costs to develop and produce a routine, low-risk computer software product, as follows:

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Completion of detailed program design

$13,000

Costs incurred for coding and testing to establish technological feasibility

10,000

Other coding costs after establishment of technological feasibility

24,000

Other testing costs after establishment of technological feasibility

20,000

Costs of producing product masters for training materials

15,000

Duplication of computer software and training materials from product masters (1,000 units)

25,000

Packaging product (500 units)

9,000

In Pitt’s December 31, 2006 balance sheet, what amount should be reported in inventory?

$25,000
$34,000
$40,000
$49,000
In Pitt’s December 31, 2006 balance sheet, what amount should be capitalized as software cost, subject to amortization?

$54,000
$57,000
$59,000
$69,000

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