A fire destroys all of the merchandise of Rosanna Arquette Company on February 10, 2008. Presented below is information compiled up to the date of the fire.
Inventory, January 1, 2008 ............... $ 400,000
Sales to February 10, 2008 ............... 1,750,000
Purchases to February 10, 2008 ......... 1,140,000
Freight-in to February 10, 2008 ............. 60,000
Rate of gross profit on selling price ........... 40%
What is the approximate inventory on February 10, 2008?