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A fire destroys all of the merchandise of Oriole Company on February 10, 2017. Presented below is information compiled up to the date of the
A fire destroys all of the merchandise of Oriole Company on February 10, 2017. Presented below is information compiled up to the date of the fire.
| Inventory, January 1, 2017 | $416,500 | ||
| Sales revenue to February 10, 2017 | 1,877,700 | ||
| Purchases to February 10, 2017 | 1,137,310 | ||
| Freight-in to February 10, 2017 | 56,800 | ||
| Rate of gross profit on selling price | 45% |
What is the approximate inventory on February 10, 2017?
| Inventory at February 10, 2017 | $
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