On January 1, 2017, Glaus, Inc. merchandise inventory was $1,600,000. During 2017, Glaus purchased $3,200,000 worth of
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On January 1, 2017, Glaus, Inc. merchandise inventory was $1,600,000. During 2017, Glaus purchased $3,200,000 worth of merchandise and recorded sales of $4,000,000. The gross profit rate on these sales was 25%.
What is Glaus' merchandise inventory as of December 31, 2017?
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