A fire destroys all of the merchandise of Assante Company on February 10, 2012. Presented below is

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A fire destroys all of the merchandise of Assante Company on February 10, 2012. Presented below is information compiled up to the date of the fire.

Inventory, January 1, 2012 $ 400,000
Sales to February 10, 2012 1,950,000
Purchases to February 10, 2012 1,140,000
Freight-in to February 10, 2012 60,000
Rate of gross profit on selling price 40%

What is the approximate inventory on February 10, 2012?

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Intermediate Accounting

ISBN: 978-0470587287

14th Edition

Authors: kieso, weygandt and warfield.

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Question Posted: Sep 12, 2022 08:22 AM

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A fire destroys all of the merchandise of Assante Company on February 10, 2012. Presented below is

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Intermediate Accounting

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