A fire destroys all of the merchandise of Assante Company on February 10, 2019. The following is information compiled up to the date of the fire.
Inventory, January 1, 2019.............................$ 400,000
Sales to February 10, 2019.............................1,950,000
Purchases to February 10, 2019.......................1,140,000
Freight-in to February 10, 2019...........................60,000
Rate of gross profit on selling price........................40%
What is the approximate inventory on February 10, 2019?