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On January 1, 2020, the merchandise inventory of Cullumber, Inc. was $1650000. During 2020 Cullumber purchased $3299000 of merchandise and recorded sales of $4100000. The

On January 1, 2020, the merchandise inventory of Cullumber, Inc. was $1650000. During 2020 Cullumber purchased $3299000 of merchandise and recorded sales of $4100000. The gross profit rate on these sales was 25%. What is the merchandise inventory of Cullumber at December 31, 2020?

$3075000.

$801000.

$1025000.

$1874000.

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