Brief Exercise 6-2 The Riverbed Hat Shop Limited counted the entire inventory in its store on May 31 and arrived at a total inventory cost of $93,200. The count included $8,100 of inventory held on consignment for a local designer; $520 of inventory that was being held for customers who were deciding if they actually wanted to purchase the merchandise; and $1,000 of inventory that had been sold to customers but was being held for alterations. There were two shipments of inventory received on September 1. The first shipment cost $5,400. It had been shipped on May 31, terms FOB destination. The second shipment cost $4,460, plus freight charges of $250. It had been shipped on May 26, terms FOB shipping point. Neither of these shipments was included in the May 31 count. Calculate the correct cost of the inventory on May 31. Inventory cost