Q$7$: Radiance Company, a retail enterprise, calculated goods available for sale as of $\frac{12}{31}\frac{?}{20x2}$ in the amount of $$2,400,000$ and ending inventory values as of this same date measured using the Last$-$in$-$First$-$Out and the First$-$in$-$First$-$Out methods were as follows:

LIFO $$625,000$

FIFO $$770,000$

Additionally, for the twelve months ended $12/31/20$X$2,$ Radiance reported Sales Returns and Allowances of $$94,000$; Sales Discounts of $$82,800$ and Sales Revenue of $$3,450,000.$ Assuming Radiance uses the LIFO method when accounting for inventory, what gross profit did Radiance report on the $12/31/20$X$2$ income statement?

A$.$ $$2,648,200$

B$.$ $$1,643,200$

C$.$ $$1,050,000$

D$.$ $$2,503,200$

E$.$ $$1,498,200$