### Find what is sheridan company gross profit

Assignment Help Accounting Basics
##### Reference no: EM132609470

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.

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