At the beginning of the year, Concord Shipping Ltd., a company that has a perpetual inventory system, had $70,400 of inventory. During the year, inventory costing $281,600 was purchased. Of this, $32,800 was returned to the supplier and a 5% discount was taken on the remainder. Freight costs incurred by the company for inventory purchases amounted to $3,360. The cost of goods sold during the year was $280,000. (a) Determine the balance in the Inventory account at the end of the year. Balance in the inventory account $ eTextbook and Media List of Accounts