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Question - A fire destroys all of the merchandise of Cheyenne Company on February 10, 2017. Presented below is information compiled up to the date of the fire.
Inventory, January 1, 2017
$423,300
Sales revenue to February 10, 2017
1,924,500
Purchase to February 10, 2017
1,140,950
Freight-in to February 10, 2017
56,790
Rate at gross profit on selling price
40%
Required - Compute the approximate inventory on February 10, 2017?
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