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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

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.

Inventory, January 1, 2014 $400,000

Sales revenue to February 10, 2014 1,950,000

Purchases to February 10, 2014 1,140,000

Freight-in to February 10, 2014 60,000

Rate of gross profit on selling price 40% .

1. What is the approximate inventory on February 10, 2014?

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