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Question 28 of 50 - / 4 View Policies Current Attempt in Progress On January 1, 2020, the merchandise inventory of Oriole, Inc. was $1150000.

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On January 1, 2020, the merchandise inventory of Oriole, Inc. was $1150000. During 2020 Oriole purchased $2309000 of merchandise and recorded sales of $3100000. The gross profit rate on these sales was 20%. What is the merchandise inventory of Oriole at December 31, 2020?

$979000.

$791000.

$2480000.

$620000.

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