Inventory costs LO C1 Walberg Associates, antique dealers, purchased goods for $38,400.

Exercise 5-2 (Algo) Inventory costs LO C1 Walberg Associates, antique dealers, purchased goods for $38,400. Terms of the purchase were FOB shipping point, and the cost of transporting the goods to Walberg Associates’s warehouse was $1,650. Walberg Associates insured the shipment at a cost of $240. Prior to putting the goods up for sale, they cleaned and refurbished them at a cost of $580. Determine the cost of inventory.

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