Sheridan Corporation acquired two inventory items at a lump-sum cost of $113000. The acquisition included 2790 units of product LF, and 5580 units of product 1B. LF normally sells for $30 per unit, and 1B for $10 per unit. If Sheridan sells 930 units of LF, what amount of gross profit should it recognize?

$5300.

$27900.

$1767.

$31620.

On January 1, 2020, the merchandise inventory of Blossom, Inc. was $2100000. During 2020 Blossom purchased $4190000 of merchandise and recorded sales of $5000000. The gross profit rate on these sales was 20%. What is the merchandise inventory of Blossom at December 31, 2020?

$4000000.

$2290000.

$1000000.

$810000.