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Sheridan Companyhad January 1 inventory of $301000when it adopted dollar-value LIFO. During the year, purchases were $1820000and sales were $2930000. December 31 inventory at year-end

Sheridan Companyhad January 1 inventory of $301000when it adopted dollar-value LIFO. During the year, purchases were $1820000and sales were $2930000. December 31 inventory at year-end prices was $388500, and the price index was111.

What isSheridan Company's gross profit?

$1164390.

$2574610.

$1197500.

$1265000.

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