The following data pertain to Home Office Company for the year ended December 31, 2014: Sales (20% were cash sales) during the year $1,000,000 Cost of goods sold during the year 400,000 Beginning inventory 100,000 Purchases (30% were cash purchases) during the year 500,000 a. How much was the balance of inventory at the end of the year 2014? Oa.$400,000 Ob.$200,000 Oc.$300,000 Od.$800,000 b. How much was inventory turnover in 2014? Oa.2.67 times Ob.1.6 times Oc.2 times Od.1.67 times c. How do we journalize the purchase transaction? Oa. Debit Inventory and credit cash Ob. Debit inventory and credit A/P Oc. Debit inventory, credit cash, and credit A/P Od. Debit inventory, debit A/R, and credit A/P