11 12 14 15 Question 7 (1 point) Precision Musical Instruments, merchandisers of musical instruments, has provided the following details: Mar. 5 Inventory purchased on account $800,000 Mar. 8 Freight in 35,000 Mar. 13 Purchase returns 50.000 Mar. 14 Allowances by vendor 14,000 Mar. 20 Payment made to vendor for purchases on March 5 2 Credit terms are: 4/20, 1/45, Fols shipping point. Calculate the net cost of inventory purchased assuming that there are no other inventory related transactions during the month. Assume that the perpetual inventory system is used 17 18 20 $741.560 8786,000