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Walberg Associates, antique dealers, purchased goods for $38,800. Terms of the purchase were FOB shipping point, and the cost of transporting the goods to Walberg

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Walberg Associates, antique dealers, purchased goods for $38,800. Terms of the purchase were FOB shipping point, and the cost of transporting the goods to Walberg Associates's warehouse was $1,850. Walberg Associates insured the shipment at a cost of $280. Prior to putting the goods up for sale, they cleaned and refurbished them at a cost of $620. Determine the cost of inventory

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