Presto Pizza reported $72.500 as its ending inventory and $1,782.500 as cost of goods sold for Year 2. Its LIFO reserve totaled $62,500 and $43,500 for Year 2 and Year 1, respectively. The company's effective income tax rate was 30 %. Sales amounted to $3,740,000 and other operating costs totaled $1,210,000 for Year 2. If Presto had used FIFO instead of LIFO, how much would it have reported for gross profit during Year 2? $1,798,500 $1.976.500 $1.601,500 $1,680,000