Exercise 5-2 (Algo) Inventory costs LO C1 Walberg Associates, antique dealers, purchased goods for $37,800. Terms of the purchase were fOB shipping point, and the cost of transporting the goods to Walberg Associates's warehouse was $1,350. Wolberg Associates insured the shipment at a cost of $180. Prior to putting the goods up for sale, they cleaned and refurbished them at a cost of $520. Determine the cost of inventory