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 $7,740 cash 2) Paid cash to purchase $5,080 of inventory 3) Sold inventory that cost $3,120 for $7,490 cash 4) Incurred and paid operating expenses, $258 Schumacher Company engaged in the following transactions during 2015: 1) Paid cash to purchase $6,000 of inventory 2) Sold inventory that cost $7,240 for $15,630 cash 3) Incurred and paid operating expenses, $516 The balance in the Merchandise Inventory account at December 31, 2014 is: $11,510 $448. $1,960 $1,444