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Items in Inventory
On December 31, Pitts Manufacturing Company reports the following assets:
Cash $50,000
Raw materials $74,000
Work in process 176,000
Marketable securities 25,000
Equipment 950,000
Finished goods 150,000
Building 1,200,000
Goodwill 50,000
Problem 1: What is the total amount of Pitts' inventory at year-end?
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