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What is the approximate inventory on february

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Reference no: EM13516647

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?

Reference no: EM13516647

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