1 Exercise 5-2 Inventory costs LO C2 nts Walberg Associates, antique dealers, purchased goods for $38,300. Terms of the purchase were FOB shipping point, and the cost of transporting the goods to Walberg Associates's warehouse was $1,600. Walberg Associates insured the shipment at a cost of $230. Prior to putting the goods up for sale, they cleaned and refurbished them at a cost of $570. Determine the cost of inventory. eBook Cost of inventory Hint Ask Total cost of inventory eferences