Question
Walberg Associates, antique dealers, purchased goods for $37,600. Terms of the purchase were FOB shipping point, and the cost of transporting the goods to Walberg
Walberg Associates, antique dealers, purchased goods for $37,600. Terms of the purchase were FOB shipping point, and the cost of transporting the goods to Walberg Associates's warehouse was $1,250. Walberg Associates insured the shipment at a cost of $160. Prior to putting the goods up for sale, they cleaned and refurbished them at a cost of $500.
Determine the cost of inventory.
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Financial and Managerial Accounting the basis for business decisions
Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello
17th edition
007802577X, 978-0078025778
