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On January 1, 2017, the merchandise inventory of Cullumber, Inc. was $2200000. During 2017 Cullumber purchased $4388000 of merchandise and recorded sales of $5200000. The

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On January 1, 2017, the merchandise inventory of Cullumber, Inc. was $2200000. During 2017 Cullumber purchased $4388000 of merchandise and recorded sales of $5200000. The gross profit rate on these sales was 20%, what is the merchandise inventory of Cullumber at December 31, 2017? $1040000 $2428000 $4160000 $812000

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