Spoulding Musical Instruments, merchandisers of musical instruments, has provided the following details: Mar 5 Inventory purchased on account $750,000 Mar. 8 Freight in 45.000 Mar 13 Purchase retums 55.000 Mar 14 Allowances by vendor 12,000 Mar Payment made to the vendor for purchases on 20 March 5 7 Credit terms are 3/20, 1/45, FOB shipping point. Calculate the net cost of Inventory purchased assuring that there are no other Inventory-related transactions during the month. Assume that the perpetual Inventory system is used