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39. On July 8, a fire destroyed the entire merchandise inventory on hand of Larrenaga Wholesale Corporation. The following information is available: Sales, January 1

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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 Inventory, January 1 Purchases, January 1 through July 8 Gross profit ratio $687,000 131,000 656,000 28% What is the estimated inventory on July 8 immediately prior to the fire? Multiple Choice $293,960. $183,680. Multiple Choice $293,960. $183,680. $494,640. $292,360

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