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Exercise $6-2($Static$)$ Inventory costs LO C$1$

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