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What is the approximate inventory on February

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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 - What is the approximate inventory on February 10, 2017?

Reference no: EM132351283

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