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Katz Hat Shop received a shipment of hats for which it paid the wholesaler $2,940. The price of the hats was $2,970 but Katz was

Katz Hat Shop received a shipment of hats for which it paid the wholesaler $2,940. The price of the hats was $2,970 but Katz was given a $30 cash discount and required to pay freight charges of $50. In addition, Katz paid $140 to cover the travel expenses of an employee who negotiated the purchase of the hats. What amount will Katz record for inventory?

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