A fire destroys all of the merchandise of Assante Company on February 10, 2014. Presented below is information compiled up to the date of the fire. 1/1/2014 Beginning Inventory Balance 2/10/2014 Sales Revenue to date 2/10/2014 Inventory Purchases YTD 2/10/2014 Freight In Cost YTD 2/10/2014 Standard Gross Profit 400,ooo 1,950,000o 1,140,00o 60,000 40% Total Purchases1,200,0oo What is the estimated inventory value they should report to the insurance company as of 2/10/2014? YTD Sales Cost of Goods Sold Gross Margin 60%-100% minus 40% 40% standard gross profit percentage Beginning Inventory 400,00o Total Goods Available 1.200,000 Cost of Goods Sold Ending Inventory 1,600,0oo