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On January 1, 2017, the merchandise inventory of Sheridan, Inc. was $1250000. During 2017 Sheridan purchased $2507000 of merchandise and recorded sales of $3300000. The

On January 1, 2017, the merchandise inventory of Sheridan, Inc. was $1250000. During 2017 Sheridan purchased $2507000 of merchandise and recorded sales of $3300000. The gross profit rate on these sales was 20%. What is the merchandise inventory of Sheridan at December 31, 2017?

$660000.

$793000.

$1117000.

$2640000.

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