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On January 1, 2020, the merchandise inventory of Crane, Inc. was $1550000. During 2020 Crane purchased $3101000 of merchandise and recorded sales of $3900000. The

On January 1, 2020, the merchandise inventory of Crane, Inc. was $1550000. During 2020 Crane purchased $3101000 of merchandise and recorded sales of $3900000. The gross profit rate on these sales was 20%. What is the merchandise inventory of Crane at December 31, 2020?

$780000.

$1531000.

$799000.

$3120000.

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