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On January 1, 2020, the merchandise inventory of Crane, Inc. was $1000000. During 2020 Crane purchased $2012000 of merchandise and recorded sales of $2800000. The gross profitrate on these sales was 25%. What is the merchandise inventory of Crane at December 31, 2020? $700000 $912000 $2100000 $788000 The following data concerning the conventional retail inventory method are taken from the financial records of Blossom Company Cost Retail Beginning inventory $183000 $ 267000 Purchases 883000 1150000 Freight-in 22700 Net markups 78700 Net markdowns 54700 Sales 1214000 The ending inventory at retail should be $227000. $249700 $281700 $304400