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On January 1, 2020, the merchandise inventory of Ivanhoe, Inc. was $1700000. During 2020 Ivanhoe purchased $3398000 of merchandise and recorded sales of $4200000. The

On January 1, 2020, the merchandise inventory of Ivanhoe, Inc. was $1700000. During 2020 Ivanhoe purchased $3398000 of merchandise and recorded sales of $4200000. The gross profit rate on these sales was 20%. What is the merchandise inventory of Ivanhoe at December 31,

2020? $1738000. $3360000. $840000. $802000.

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