NectarineCo is a merchandising company that sells a variety of products. On January 1 of this year, NectarineCo had a balance in inventory of $800. Throughout the year, NectarineCo made $12,300 in purchases and spent $796 in Freight-in and $310 in duties. NectarineCo also had the following income statement for the year ending December 31. What is the balance in inventory on December 31 of this year? Revenue 19,800 less: COGS (11,900) equals: Gross Profit 7,900 less: Operating Expenses (6,200) equals: Net Income 1,700 O 5,200 O 2,300 O 1.200 14,200