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What is the approximate inventory on February

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Reference no: EM132470027

Problem - A fire destroys all of the merchandise of Sheridan Company on February 10, 2017. Presented below is information compiled up to the date of the fire.

Inventory, January 1, 2017 $395,100

Sales revenue to February 10, 2017 1,926,800

Purchases to February 10, 2017 1,171,760

Freight-in to February 10, 2017 54,510

Rate of gross profit on selling price 30%

Required - What is the approximate inventory on February 10, 2017?

Reference no: EM132470027

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