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On January 1, 2020, the merchandise inventory of Sheridan, Inc. was $1850000. During 2020 Sheridan purchased $3695000 of merchandise and recorded sales of $4500000. The

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On January 1, 2020, the merchandise inventory of Sheridan, Inc. was $1850000. During 2020 Sheridan purchased $3695000 of merchandise and recorded sales of $4500000. The gross profit rate on these sales was 25%. What is the merchandise inventory of Sheridan at December 31, 2020 O $1125000 $3375000 O $2170000 O $805000

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