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On January 1, 2017, Manuel Companys merchandise inventory was $300,000. During 2017, Manuel purchased $1,900,000 of merchandise and recorded sales of $2,000,000. The gross profit

On January 1, 2017, Manuel Companys merchandise inventory was $300,000. During 2017, Manuel purchased $1,900,000 of merchandise and recorded sales of $2,000,000. The gross profit margin on these sales was 20% of the selling price.

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What is Manuels merchandise inventory at December 31, 2017?

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