At the beginning of May, Northern Lights Parts Inc. started with a contribution of $ 15,000 cash in exchange for common stock from its shareholders. The company engaged in the following transactions for the month of May. May 5 Purchased merchandise on account from Jingle Supply Co. for $ 6,000, terms 1/10, n/30 May 7 Sold merchandise on account to Arial Company for $ 4,500, terms 2/10, n/30. The cost of the merchandise sold was $ 2000. May 8 Paid $ 150 freight on the sale to Arial Company May 9 Received credit from Jingle Supply Company for merchandise returned for $ 600 May 12 Paid Jingle Supply Co. in full May 18 Received payment from Arial Company for sale made on May 7 May 19 Purchased merchandise for cash for $2,800 May 20 Received refund from supplier for returned merchandise on May 19 cash purchase of $ 300 May 22 Purchased merchandise on account from JJ Distributors for $ 4,500, terms 2/10, n/30 May 23 Paid $ 400 freight on May 22 purchase May 25 Sold merchandise for cash for $ 13,250. The cost of the merchandise sold was $ 9,100 May 26 Purchased merchandise for cash for $ 6,300 May 29 Paid JJ Distributors for purchase on May 22 May 30 Gave refund of $ 700 to customer from May 25. The cost of the returned merchandise was $ 580 May 31 Sold merchandise of $ 2,500 on account with terms 2/10, n/30. The merchandise cost $ 1,300. Required: 1. Calculate the balance in the inventory account at the end of May