Crane Company had a January 1 inventory of $294000 when it adopted dollar-value LIFO. During the year, purchases were $1750000 and sales were $2950000. December 31 inventory at year-end prices was $387390, and the price index was 111. What is Crane Company's gross profit? $2594950 $1255550 $1261050 O $1293390 eTextbook and Media Save for Later h Attempts: 0 of 2 used Submit Answer