Duke Associates, antique dealers, purchased the contents of an estate for $38,400.

Duke Associates, antique dealers, purchased the contents of an estate for $38,400. Terms of the purchase were FOB shipping point, and the cost of transporting the goods to Duke Associates’ warehouse was $1,650. Duke Associates insured the shipment at a cost of $240. Prior to putting the goods up for sale, they cleaned and refurbished them at a cost of $580