Exercise 5-2 Inventory costs LO C2 Walberg Associates, antique dealers, purchased goods for $38,700. Terms of the purchase were FOB shipping point, and the cost of transporting the goods to Walberg Associates's warehouse was $1,800. 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 $610. Determine the cost of inventory. Cost of inventory Total cost of inventory