4 Exercise 5-2 Inventory costs LO C2 Walberg Associates, antique dealers, purcha

Question

4 Exercise 5-2 Inventory costs LO C2 Walberg Associates, antique dealers, purchased the contents of an estate for $37,900. Terms of the purchase were FOB shipping point, and the cost of transporting the goods to Walberg Associates' warehouse was $1,400. Walberg Associates insured the shipment at a cost of $190. Prior to putting the goods up for sale, they cleaned and refurbished them at a cost of $530. Determine the cost of the inventory acquired from the estate. Cost of inventory(estate's contents) Total cost of inventory

Explanation / Answer

Cost of Invenotry (Estate's Contents Price $37,900 Transportation-Inward $1,400 Insurance on Shipment $190 Cleaning and refurbishing $530 Total Inventory Cost $40,020

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