At the beginning of the year, Point Claire Shipping Ltd., a company that has a perpetual inventory system, had $55,000 of inventory. During the year, inventory costing $220,000 was purchased. Of this, $26,000 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 $2,700. The cost of goods sold during the year was $218,000. Determine the balance in the Inventory account at the end of the year.