walberg de alers, purchased goods for $38,700. Terms of the purchase were FOB shipping point, and the cost of transporting the goods to Walberg Associates's warehouse was $1,800. Walberg Associates insured the shipment at a cost of $270. Prior to putting the goods up for sale, they cleaned and refurbished them at a cost of ca

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Exercise 6-2 (Algo) Inventory costs LO C1
Walberg Associates, antique dealers,
purchased goods for $38,700. Terms of the
purchase were FOB shipping point, and the
cost of transporting the goods to Walberg
Associates's warehouse was $1,800. Walberg
Associates insured the shipment at a cost of
$270. Prior to putting the goods up for sale,
they cleaned and refurbished them at a cost of
$610.
Determine the cost of inventory.
Cost of inventory
Total cost of inventory
$
0
Transcribed Image Text:Exercise 6-2 (Algo) Inventory costs LO C1 Walberg Associates, antique dealers, purchased goods for $38,700. Terms of the purchase were FOB shipping point, and the cost of transporting the goods to Walberg Associates's warehouse was $1,800. Walberg Associates insured the shipment at a cost of $270. Prior to putting the goods up for sale, they cleaned and refurbished them at a cost of $610. Determine the cost of inventory. Cost of inventory Total cost of inventory $ 0
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