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Homework answers / question archive / A fire destroys all of the merchandise of Assante Company on February 10, 2014
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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