1. A fire destroys all of the merchandise of Assante Company on February 10, 2011. Presented below is information compiled up to the date of the fire.
Inventory, January 1, 2011 $ 400,000
Sales to February 10, 2011 1,950,000
Purchases to February 10, 2011 1,140,000
Freight-in to February 10, 2011 60,000
Rate of gross profit on selling price 40%
What is the approximate inventory on February 10, 2011?