At the beginning of the year, Riverbed Shipping Ltd., a company that has a perpetual inventory system, had $60,500 of inventory. During the year, inventory costing $242,000 was purchased. Of this, $28,300 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 $2,910. The cost of goods sold during the year was $240,400. Your answer is incorrect. Determine the balance in the Inventory account at the end of the year