Duke & Son, 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 & Son's warehouse was $1,200. Duke & Son 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. Determine the cost of the inventory acquired from the estate. l05