
A fire destroys all of the merchandise of Cheyenne Company on February
10, 2017. Presented below is information compiled up to the date of the fire.
Inventory, January 1, 2017
$381,900
Sales revenue to February 10, 2017
1,929,500
Purchases to February 10, 2017
1,130,430
Freight-in to February 10, 2017
59,110
Rate of gross profit on selling price
35%
What is the approximate inventory on February 10, 2017?
Inventory at February 10, 2017
$
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