A fire destroys all of the merchandise of Assante Company on February 10, 2012. Presented below is…

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 profi t on selling price

40%

What is the approximate inventory on February 10, 2012?

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