Reference no: EM132470027
Problem - A fire destroys all of the merchandise of Sheridan Company on February 10, 2017. Presented below is information compiled up to the date of the fire.
Inventory, January 1, 2017 $395,100
Sales revenue to February 10, 2017 1,926,800
Purchases to February 10, 2017 1,171,760
Freight-in to February 10, 2017 54,510
Rate of gross profit on selling price 30%
Required - What is the approximate inventory on February 10, 2017?