Sheridan Company purchased machinery on January 1 at a list price of $320000, with credit terms 2/10, n/30.
Payment was made within the discount period. Sheridan paid $22250 sales tax on the machinery, and paid installation charges of $4100. Prior to installation, Sheridan paid $11200 to pour a concrete slab on which to place the machinery. What is the total cost of the new machinery?