Mad Hatter Enterprises purchased new equipment for $358,000, terms f.o.b. shipping point. Other costs connected with the purchase were as follows:

State sales tax	28,500
Freight costs	4,900
Insurance while in transit	730
Insurance after equipment placed in service	1,130
Installation costs	1,650
Insurance for the first year of operations	2,050
Testing	630

Required:

Determine the capitalized cost of the equipment.