question archive A fire destroys all of the merchandise of Coronado Company on February 10, 2020
A fire destroys all of the merchandise of Coronado Company on February 10, 2020
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A fire destroys all of the merchandise of Coronado Company on February 10, 2020. Presented below is information compiled up to the date of the fire.
Inventory, January 1, 2020 $422,300
Sales revenue to February 10, 2020 1,949,100
Purchases to February 10, 2020 1,210,110
Freight-in to February 10, 2020 64,540
Rate of gross profit on selling price 30%
What is the approximate inventory on February 10, 2020?
Inventory at February 10, 2020_______?
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