Exercise 5-2 Inventory costs LO C2 Walberg Associates, antique dealers, purchased the contents of an estate for $38,900. Terms of the purchase were FOB shipping point, and the cost of transporting the goods to Walberg Associates's warehouse was $1,900. Walberg Associates insured the shipment at a cost of $290. Prior to putting the goods up for sale, they cleaned and refurbished them at a cost of $630. Determine the cost of the inventory acquired from the estate. Cost of inventory (estate's contents) Total cost of inventory