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?