Schumacher Company uses the perpetual inventory system, and it engaged in the following transactions during 2014: 1) Started the business by issuing common stock for $7,590 cash 2) Paid cash to purchase $5,030 of inventory 3) Sold inventory that cost $3,045 for $7,340 cash 4) Incurred and paid operating expenses, $253 Schumacher Company engaged in the following transactions during 2015: 1) Paid cash to purchase $5,875 of inventory 2) Sold inventory that cost $7,090 for $15,330 cash 3) Incurred and paid operating expenses, $506 The balance in the Merchandise Inventory account at December 31, 2014 is: