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On January 1, 2020, the merchandise inventory of Crane, Inc. was $2150000. During 2020 Crane purchased $4289000 of merchandise and recorded sales of $5100000. The

On January 1, 2020, the merchandise inventory of Crane, Inc. was $2150000. During 2020 Crane purchased $4289000 of merchandise and recorded sales of $5100000. The gross profit rate on these sales was 25%. What is the merchandise inventory of Crane at December 31, 2020? $3825000. $1275000. $2614000. $811000.

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