1. The following data pertain to Zari Scarf and Hat for the year ended December 31, 2020:

Beginning inventory	$190,300
Purchases of inventory on credit during the year	$450,000
Cost of goods sold during the year	65% of sales
Sales (75% on credit) during the year	$800,000

1. Prepare entries for the following transactions using a perpetual inventory system:
   1. Purchase of inventory during 2020
   2. Sales during 2020
   3. Cost of goods sold during 2020
2. Compute the balance in the Inventory account on December 31, 2020.