Question 5 of 20 - / 0.4 TT View Policies Current Attempt in Progress Sheridan Company had January 1 inventory of $308000 when it adopted dollar-value LIFO. During the year, purchases were $1900000 and sales were $3070000. December 31 inventory at year-end prices was $371520, and the price index was 108, What is Sheridan Company's gross profit? O $2723120. O $1208880. O $1345000. O $1233520. Sunland Inc. uses the conventional retail method to determine its ending inventory at cost. Assume the beginning inventory at cost (retail) were $387500 ($588000), purchases during the current year at cost (retail) were $3288000 ($5073600), freight-in on these purchases totaled $153500, sales during the current year totaled $4546000, and net markups were $408000. What is the ending inventory value at cost? Hint: Round intermediate calculation to 3 decimal places, e.g. 0.635 and final answer to 0 decimal places. O $1058250. O $961392 O $800802 O $1523600