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Home Sweet Home Inc. is a retailer of home accessories. The company's inventory balance at the beginning of the year was $720,000; Home Sweet Home

Home Sweet Home Inc. is a retailer of home accessories. The company's inventory balance at the beginning of the year was $720,000; Home Sweet Home purchased $600,000 of goods during January, and sales during January were $960,000.

What is the balance that would appear in Home Sweet Home's inventory account on February 1 assuming use of a periodic inventory system?

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