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A fire destroys all of the merchandise of Assante Company on February 10, 2014

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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 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%

What is the approximate inventory on February 10, 2014?

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