Sanchez Company engaged in the following transactions during Year 1 : - Started the business by issuing $42,000 of common stock for cash. - The company paid cash to purchase $26,400 of inventory. - The company sold inventory that cost $16,000 for $30,600 cash. - Operating expenses incurred and paid during the year, $14,000. Sanchez Company engaged in the following transactions during Year 2 : - The company paid cash to purchase $35,200 of inventory. - The company sold inventory that cost $32,800 for $57,000 cash. - Operating expenses incurred and paid during the year, $18,000. Note: Sanchez uses the perpetual inventory system. What is the balance in the inventory account as of December 31 , Year 2 ? Multiple Choice $28,800 $12,800 $61,600 $2,400