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i File Edit View History Bookmarks Window Help ezto.mheducation.com ssignments: ACCTG 001 : Intro Accounting 1-Ludwig G.-SPRING 2018-SECTION# 17851 apter 5 Homework Question 2 (of 8) value 3.00 points Walberg Associates, antique dealers, purchased the contents of an estate for $75,000. Terms of the purchase were FOB shipping point, and the cost of transporting the goods to Walberg Associates' warehouse was $2.,400. Walberg Associates insured the shipment at a cost of $300. Prior to putting the goods up for sale, they cleaned and refurbished them at a cost of $980. Determine the cost of the inventory acquired from the estate Cost of estate's contents) Insurance on shipment Price Transportation-in Total cost of inventory Hints References eBook&Resources; Unknown.jpeg rembrandt

Explanation / Answer

The cost till port destination is included in the closing stock.

For refurbhised some say captilise some say expense but its better not to include as only charges till port are included.

So value will be FOB+ insurace=75300

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