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On January 1,2025, the inventory of Cullumber, Inc. was $2200000. In 2025 , Cullumber purchased $4388000 of merchandise and recorded sales of $5200000. The gross

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On January 1,2025, the inventory of Cullumber, Inc. was $2200000. In 2025 , Cullumber purchased $4388000 of merchandise and recorded sales of $5200000. The gross profit rate on these sales was 20%. What is the inventory of Cullumber at December 31,2025 ? $4160000 $1040000 $2428000 $812000

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