Ivanhoe Corporation uses the perpetual inventory system and began business on April $1.$ During the month Ivanhoe made inventory

purchases of $$84,400$ on terms of $\frac{3}{10},\frac{n}{30}.$ Ivanhoe returned $$3,600$ worth of goods during the year. Ivanhoe made payment in time

to take advantage of the offered cash discounts. Ivanhoe sold inventory on account with a value of $$72,400$ with a markup of $30\%$ on

the cost. These were the only inventory transactions during the month.

$($a$)$

What is the balance in the inventory account at the end of April?

Inventory account $

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