A fire destroys all of the merchandise of Assante Company on February 10, 2017. Presented below is
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A fire destroys all of the merchandise of Assante Company on February 10, 2017. Presented below is information compiled up to the date of the fire.
Inventory, January 1, 2017 $ 400,000 Sales revenue to February 10, 2017 1,950,000 Purchases to February 10, 2017 1,140,000 Freight-in to February 10, 2017 60,000 Rate of gross profi t on selling price 40%
What is the approximate inventory on February 10, 2017?
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