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Walberg Associates, antique dealers, purchased goods for $38,900. Terms of the purchase were FOB shipping point,...

Walberg Associates, antique dealers, purchased goods 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 inventory.

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Answer #1

The cost of inventory is computed as shown below:

= Purchases cost + cost of transporting the goods + insurance cost of shipment + cleaning and refurbished cost

= $ 38,900 + $ 1,900 + $ 290 + $ 630

= $ 41,720

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