A fire destroys all of the merchandise of Coronado Company on February 10, 2017. Presented below is information compiled up to the date of the fire:
Inventory, January 1, 2017 $423,300
Sales revenue to February 10, 2017 1,924,500
Purchases to February 10, 2017 1,140,950
Freight-in to February 10, 2017 56,790
Rate of gross profit on selling price 40%
What is the approximate inventory on February 10, 2017
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