Walberg Associates, antique dealers, purchased the contents of an estate for $38,400. Terms of the purchase were FOB shipping point, and the cost of transporting the goods to Walberg Associates’ wareh

Walberg Associates, antique dealers, purchased the contents of an estate for $38,400. Terms of the purchase were FOB shipping point, and the cost of transporting the goods to Walberg Associates’ warehouse was $1,650. Walberg Associates insured the shipment at a cost of $240. Prior to putting the goods up for sale, they cleaned and refurbished them at a cost of $580. Determine the cost of the inventory acquired from the estate.

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Accounting 200
1.
Walberg Associates, antique dealers, purchased the contents of an estate for $38,400.
Terms of the purchase were FOB shipping point, and the cost of transporting the goods
to Walberg Associates’ warehouse was $1,650. Walberg Associates insured the shipment
at a cost of $240. Prior to putting the goods up for sale, they cleaned and refurbished
them at a cost of $580. Determine the cost of the inventory acquired from the estate.
2.

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