TangerineCo is a merchandising company that sells a variety of products. On January 1 of this year, TangerineCo had a balance in inventory of $300. Throughout the year, TangerineCo made $4,610 in purchases and spent $295 in Freight-In and $115 in duties. TangerineCo 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	6,100
less: COGS	(4,500)
equals: Gross Profit	1,600
less: Operating Expenses	(600)
equals: Net Income	1,000