Precision Musical Instruments, merchandisers of musical instruments, has provided the following details. Mar. 5 Inventory purchased on account $750,000 Mar. 8 Mar. 13 Freight in 40,000 Purchase returns 50,000 Mar. 14 Allowances by vendor 15,000 Mar. 20 Payment made to vendor for purchases on March 5 ? Credit terms are: 3/20, n/45, FOB shipping point. Calculate the net cost of inventory purchased assuming that there are no other inventory - related transactions during the month. Assume that the perpetual inventory system is used. OA. $704,450 OB. $685,000 OC. $703,250 D. $735,000