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What is the approximate inventory on February

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Question - A fire destroys all of the merchandise of Culver Company on February 10, 2017. Presented below is information compiled up to the date of the fire.

Inventory, January 1, 2017 $408,400

Sales revenue to February 10, 2017 1,938,200

Purchases to February 10, 2017 1,164,790

Freight-in to February 10, 2017 56,300

Rate of gross profit on selling price 40%

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

Reference no: EM132550529

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