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Walberg Associates, antique dealers, purchased goods for $75,000. Terms of the purchase were FOB shipping point,...

Walberg Associates, antique dealers, purchased goods for $75,000. Terms of the purchase were FOB shipping point, and the cost of transporting goods to Walberg Associate's warehouse was $2,400. Walberg Associates insured the shipment at a cost of $300. Prior to putting the goods up for sale, they cleaned and refurbished them at a cost of $980. Determine the cost of inventory.

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Answer #1

Total cost of inventory = inventory price + transportation cost + shipment insurance + cleaning and refurbishing

= $75000 + $2400 + $300 + $980

= $78680

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