A fire destroys all of the merchandise of Assante Company
Chapter 9, Problem 13(choose chapter or problem)
A fire destroys all of the merchandise of Assante Company on February 10, 2014. Presented below is information compiled up to the date of the fire. Inventory, January 1, 2014 $ 400,000 Sales revenue to February 10, 2014 1,950,000 Purchases to February 10, 2014 1,140,000 Freight-in to February 10, 2014 60,000 Rate of gross profi t on selling price 40% What is the approximate inventory on February 10, 2014?
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