question 1 Inventories and Cost of Sales Exercises

Walberg Associates, antique dealers, purchased goods for $37,900. Terms of the purchase were FOB shipping point, and the cost of transporting the goods to Walberg Associates's warehouse was $1,400. Walberg Associates insured the shipment at a cost of $190. Prior to putting the goods up for sale, they cleaned and refurbished them at a cost of $530. Determine the cost of inventory