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On January 1, 2020, the merchandise inventory of Sunland, Inc. was $1300000. During 2020 Sunland purchased $2606000 of merchandise and recorded sales of $3400000. The

On January 1, 2020, the merchandise inventory of Sunland, Inc. was $1300000. During 2020 Sunland purchased $2606000 of merchandise and recorded sales of $3400000. The gross profit rate on these sales was 25%. What is the merchandise inventory of Sunland at December 31, 2020?

$2550000.

$850000.

$1356000.

$794000.

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