A fire destroys all of the merchandise of Assante Company on February 10, 2012. Presented below is information compiled up to the date of the fire.
|
Inventory, January 1, 2012 |
$ 400,000 |
|
Sales to February 10, 2012 |
1,950,000 |
|
Purchases to February 10, 2012 |
1,140,000 |
|
Freight in to February 10, 2012 |
60,000 |
|
Rate of gross profit on selling price |
40% |
What is the approximate inventory on February 10, 2012?