S Company applied LIFO and reported gross profit of $700,000. Company S reported inventory of $90,000 at January 1 and $120,000 at December 31. Had FIFO had been used rather than LIFO, those figures would have been $180,000 and $252,000 at January 1 and at December 31, respectively. What would Company S's gross profit have been under FIFO?

$598,000

$658,000

$742,000

$772,000 $802,000