Ivanhoe Company uses the perpetual inventory system and began business on August 1. During the month Ivanhoe made inventory purchases of $8300, terms of 3/15, n/45. Ivanhoe returned $300 worth of goods during the month, paid all suppliers in time to take advantage of all offered cash discounts during the month and sold inventory with a value of $5600. These were the only inventory transactions during the month. What is the balance in the inventory account at the end of August?