Brief Exercise 5-3 Your answer is incorrect. Try again. 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 Question Attempts: 1 of 2 used