Majors & Son, antique dealers, purchased the contents of an estate for $38,500. Terms of the purchase were FOB shipping point, and the cost of transporting the goods to Majors & Son’s warehouse was

$2,100. Majors & Son insured the shipment at a cost of $250. Prior to putting the goods up for sale, they cleaned and refurbished them at a cost of $800. Determine the cost of the inventory acquired from the estate.