Question 1 At the beginning of the year, Ayayai Shipping Ltd, a company that has a perpetual inventory system, had $ 54,800 of inventory. During the year inventory costing $ 223,300 was purchased. Of this, $ 25,800 was returned to the supplier and a 5% discount was taken on the remainder. Freight costs incurred by the company for inventory purchases amounted to $ 2,900. The cost of goods sold during the year was $221,600. Determine the balance in the Inventory account at the end of the year. Balance in the inventory account