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Problem:

Duke Associates, antique dealers, purchased the contents of an estate for $37,500. Terms of the purchase were FOB shipping point, and the cost of transporting the goods to Duke Associates' warehouse was $1,200. Duke Associates insured the shipment at a cost of $150. Prior to putting the goods up for sale, they cleaned and refurbished them at a cost of $490.

Required:

Question: Determine the cost of the inventory acquired from the estate.

Note: Explain in detail.

	Cost	Amount included in inventory
Price	$37,500
Transportation-in	$1,200
Insurance on shipment	$150
Cleaning and refurbishing	$490
	$39,340

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91165917

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