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On January 1, 2020, the merchandise inventory of Pharoah, Inc. was $1800000. During 2020 Pharoah purchased $3596000 of merchandise and recorded sales of $4400000. The

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On January 1, 2020, the merchandise inventory of Pharoah, Inc. was $1800000. During 2020 Pharoah purchased $3596000 of merchandise and recorded sales of $4400000. The gross proftrate on these sales was 20% What is the merchandise inventory of Pharoah at December 31, 2020? $1876000 $3520000 $880000. O $804000

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