Exercise 5-2 (Algo) Inventory costs LO C1 Walberg Associates, antique dealers, purchased goods for $39.500 Terms of the purchase were FOB shipping point and the cost of transporting the goods to Walberg Associates's warehouse was $2,200 Walberg Associates insured the shipment at a cost of $350, Prior to putting the goods up for sale, they cleaned and refurbished them at a cost of 5690 Determine the cost of inventory Costo inventory Total cost of inventory