Precision Musical Instruments, merchandisers of musical instruments, has provided the following details:

Mar. 5	Inventory purchased on account	$775,000
Mar. 8	Freight in	40,000
Mar. 13	Purchase returns	55,000
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

inventoryrelated

transactions during the month. Assume that the perpetual inventory system is used.

Precision Musical Instruments, merchandisers of musical instruments, has provided the following details: Mar. 5 Inventory purchased on account $775,000 40,000 Mar. 8 Freight in Mar. 13 Purchase returns 55,000 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. A. $760,000 B. $722,650 C. $705,000 D. $723,850