34 On July 8, a fire destroyed the entire merchandise inventory on hand of Larrenaga Wholesale Corporation. The following information is available: Sales, January 1 through July 8 $692,000 Inventory, January 1 148.000 Purchases, January through 646.000 8 017 Puly 8 Gross profit ratio 229 What is the estimated Inventory on July 8 immediately prior to the fire? Multiple Choice $254,840 5539.750 $142120 $254,240 32 Lake Incorporated purchased all of the outstanding stock of Huron Company paying $953.000 cash Lake assumed all of the liabilities of Huron Book values and fair values of acquired assets and liabilities were 8 ore 2 Current assets (net) Property, plant, equip (net) Liabilities Book Valuel Fair Value $130,700 $123.000 612000 763,000 152.000 175.000 Lake would record goodwill of Multiple Choice 567000 $243,000 $362 300 50 Inventory records for Herbs Chemicals revealed the following 31 March 2016 ventory togallon 7.20 - 57200 Purchase 30 Mar. 16 M2 500 G 5735 HOOG 5730 500 575 Sales MAS 000 Mar 100 gals Mar 2000 as Mar 260 The ending inventory under a periodic Inventory system average controunding unit cost to three decimal places 3507 100