Exercise 5-2 (Algo) Inventory costs LO C1 Walberg Associates, antique dealers, purchased goods for $38,200. Terms of the purchase were FOB shipping point. and the cost of transporting the goods to Walberg Associates's warehouse was $1.550. Walberg Associates insured the shipment at a cost of $270. Prior to putting the goods up for sale, they cleaned and refurbished them at a cost of $560. Determine the cost of inventory