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Duke Associates, antique dealers, purchased the contents of an estate for $38,600. Terms of the purchase were FOB shipping point, and the cost of transporting the goods to Duke Associates' warehouse was $1,750. Duke Associates insured the shipment at a cost of $260. Prior to putting the goods up for sale, they cleaned and refurbished them at a cost of $600.Determine the cost of the inventory acquired from the estate.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9965894

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