Walters Co. purchased raw materials with a catalog price of $70,000 on March 2, 2010. Credit terms of 4/20, n/60 applied. Walters uses a perpetual...

Walters Co. purchased raw materials with a catalog price of $70,000 on March 2, 2010. Credit terms of 4/20, n/60 applied. Walters uses a perpetual inventory system and the net price method. If Walters pays for the purchase on March 18, 2010, what amount is recorded for inventory on March 2, 2010? (Points: 4)