Question: Walberg Associates antique dealers purchased the contents of an estate
Walberg Associates, antique dealers, purchased the contents of an estate for $ 75,000. Terms of the purchase were FOB shipping point, and the cost of transporting the goods to Walberg Associates’ warehouse was $ 2,400. Walberg Associates insured the shipment at a cost of $ 300. Prior to putting the goods up for sale, they cleaned and refurbished them at a cost of $ 980. Determine the cost of the inventory acquired from the estate.
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