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On July 8, a fite 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 Ouly 8 Gross profit ratio $700,000 130,000 640, eee 30% What is the estimated inventory on July 8 immediately prior to the fire? Multiple Choice 5192,000 $490.000 $510.000