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Walberg Associates, antique dealers, purchased goods for $39,500. 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 $39,500. Terms of the purchase were FOB shipping point, and the cost of transporting the goods to Walberg Associates warehouse was $2.200. Walberg Associates insured the shipment at a cost of $350. Prior to putting the goods up for sale, they cleaned and refurbished them at a cost of $690. Determine the cost of inventory

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