Walberg associates, antique dealers, purchased the contents of an estate for $38,600. terms of the purchase were fob shipping point, and the cost of transporting the goods to walberg associates's warehouse was $1,750. walberg associates insured the shipment at a cost of $260. prior to putting the goods up for sale, they cleaned and refurbished them at a cost of $600. determine the cost of the inventory acquired from the estate. cost of inventory (estate's contents) total cost of inventory

Secured loans are protected by collateral security. examples: title loans where the borrower uses the car title as collateral security interest rates are lower and repayments are longer therefore risk is low as a collateral security is given as guarantee to the bank in case of failure to pay the loanunsecured loans are not protected by collateral security but it is given on the creditworthiness of the borrower, trusting that she/he will pay on time. examples; payday loans is a short term loan where the borrower lends money from the bank and pays is back when the borrower receives his/her wages.interest rates are high and repayments are shorter. but the risk is high as no collateral security is given as a guarantee to the bank for payment of the loan