Question 8 On January 1, 2015, the merchandise inventory of Glaus, Inc. was $800,000. During 2015 Glaus purchased $1,600,000 of merchandise and recorded sales of $2,000,000. The gross profit rate on these sales was 25%. What is the merchandise inventory of Glaus at December 31, 2015? $900,000 O $1,500,000 $400,000 SUBMIT ANSWER O $500,000 SAVE FOR LATER Hempts: 0 of 1 used