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Find what is sheridan company gross profit

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Sheridan Company had January 1 inventory of $301000 when it adopted dollar-value LIFO. During the year, purchases were $1820000 and sales were $2930000. December 31 inventory at year-end prices was $388500, and the price index was 111.

Question 1: What is Sheridan Company's gross profit?

Option 1: $1164390.

Option 2: $2574610.

Option 3: $1197500.

Option 4: $1265000.

Reference no: EM132609470

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