On January 1, 2008, Manuel Company's merchandise inventory was ($300,000). During 2008, Manuel purchased ($1,900,000) of merchandise

Question:

On January 1, 2008, Manuel Company's merchandise inventory was $$300,000$. During 2008, Manuel purchased $$1,900,000$ of merchandise and recorded sales of $$2,000,000$. The gross profit margin on these sales was 20%.
Required:
What is Manuel’s merchandise inventory at December 31, 2008?

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