Crane Corporation acquired two inventory items at a lump-sum cost of $131000. The acquisition included 3330 units of product LF, and 6660 units of product 1B. LF normally sells for $30 per unit, and 1B for $10 per unit. If Crane sells 1110 units of LF, what amount of gross profit should it recognize? $2367. $37740. O $33300. O $7100. On January 1, 2020, the merchandise inventory of Sunland, Inc. was $1300000. During 2020 Sunland purchased $2606000 of merchandise and recorded sales of $3400000. The gross profit rate on these sales was 25%. What is the merchandise inventory of Sunland at December 31, 2020? $850000. $794000. $1356000. O $2550000. The following data concerning the retail inventory method are taken from the financial records of Pharoah Company. Cost Retail Beginning inventory $ 188000 $272000 Purchases 888000 1200000 Freight-in Net markups Net markdowns Sales 23200 79200 55200 1264000 If the ending inventory is to be valued at approximately the lower of cost or market, the calculation of the cost-to-retail ratio should be based on goods available for sale at (1) cost and (2) retail, respectively of O $1076000 and $1472000. O $1099200 and $1551200. O $1099200 and $1496000. O $1099200 and $1472000. The following data concerning the conventional retail inventory method are taken from the financial records of Blossom Company. Cost Retail Beginning inventory $183000 $284000 Purchases 890000 1230000 Freight-in 23600 Net markups 79400 Net markdowns Sales The ending inventory at retail should be $289400. O $258200. O $234600. $313000 54800 1304000