47 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 $688,000 Inventory, January 1 144,000 Purchases, January 1 through July 8 643,000 Gross profit ratio 27 % What is the estimated inventory on July 8 immediately prior to the fire? $502.240 $284.760 $285,360 $173,610 2 pts