Sheridan Company had a 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? $2723120$1233520$1205280$1208880 Sheridan Company had a 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? $2723120$1233520$1205280$1208880