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On January 1, 2021, the merchandise inventory of Glaus, Inc. was $1,500,000. During 2021 Glaus purchased $3,000,000 of merchandise and recorded sales of $5,000,000. The

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On January 1, 2021, the merchandise inventory of Glaus, Inc. was $1,500,000. During 2021 Glaus purchased $3,000,000 of merchandise and recorded sales of $5,000,000. The gross profit rate on these sales was 20%. What is the merchandise inventory of Glaus at December 31, 2021? TT T Arial 3 (120)

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