Question 6 Not yet answered Marked out of 1.00 P Flag question During the year, Smith & Sons purchased inventory with an invoice price of $400,000. The company also paid $20,000 freight charges on the inventory, and returned $50,000 of inventory to the supplier. After the return, the inventory was paid for in a timely manner, so Smith & Sons took a $10,000 cash discount. During the year, the company sold $300,000 of the inventory for $525,000. What is the year-end balance in the company's inventory account assuming that it began the year with no inventory on hand? Select one: O $60,000 O $50,000 O $70,000 o $40,000