Angle Company started business on January 1. During the year, the company purchased

merchandise with an invoice price of $500,000. Angle also paid $20,000 freight on the merchandise. During the year, Angle also returned $70,000 of the merchandise to its suppliers. All purchases were paid for in a timely manner, and a $10,000 cash discount was taken. $418,000 of the merchandise was sold for $627,000. What is the December 31 balance in the Inventory account?

Group of answer choices

a. $22,000

b. $440,000

c. $32,000

d. $12,000