Compute inventory balance Starter 5-3 The following data pertain to Corbet Merchandising for the year ended December 31, 2017: Beginning inventory Purchases of inventory on credit during the year Cost of goods sold during the year Sales (75% on credit) during the year $190,300 450,000 65% of sales 800,000 a. Prepare entries for the following transactions using a perpetual inven- tory system i. Purchase of inventory during 2017 ii. Sales during 2017 ili. Cost of goods sold during 2017 b. Compute the balance in the Inventory account on December 31, 2017