The following data pertain to Corbet Merchandising for the year ended December 31, 2017:

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

a. Prepare entries for the following transactions using a perpetual inventory system:

i. Purchase of inventory during 2017

ii. Sales during 2017

iii. Cost of goods sold during 2017

b. Compute the balance in the Inventory account on December 31, 2017.