2. Best Company sells office supplies. The following information summarizes Best's operating activities for 2012: Required: Prepare an income statement for Best Company, a merchandiser, for the year ended December 31 . 3. At the beginning of 2011, the Taylor Company's work in process inventory account had a balance of $30,000. During 2011, $68,000 of direct materials were used in production, and $66,000 of direct labor costs were incurred. Manufacturing overhead in 2011 amounted to $90,000. The cost of goods manufactured was $220,000 in 2011. What is the balance in work in process inventory on December 31,2011