Supreme Co$.$ bought a factory equipment for $$295,000,$ terms f$.$o$.$b$.$ shipping point. The following costs were incurred by Supreme to get the equipment ready for use.

State sales tax

$29,200$

Shipping costs

$5,600$

Shipping Insurance

$800$

First$-$year property tax on the equipment

$1,200$

Installation costs

$2,000$

First$-$year$-$of$-$use insurance

$2,400$

Testing costs of the equipment

$700$

Determine the capitalized cost of the equipment.