Rigby & Son, antique dealers, purchased the contents of an estate for a bulk bid price of $37,500. The terms of the purchase were FOB shipping point, and the cost of transporting the goods to Rigby & Son's warehouse was $1,200. Rigby & Son insured the shipment at a cost of $150. Prior to placing the goods in the store, they cleaned and refurbished some merchandise at a cost of $490 for labour and parts. Determine the cost of the inventory acquired in the purchase of the estate's contents.