On July 8, a fire destroyed some merchandise inventory on hand of Larrenaga Wholesale Corporation. The following information is available: $ 686,000 Sales, January 1 through July 8 Inventory, January 1 Purchases, January 1 through July 8 $ 131,000 $ 659,000 Gross profit ratio 22% Merchandise salvaged from the fire $ 110,000 What is the estimated inventory loss on July 8 due to the fire? Select one: A. $535,080. B. $144,920. C. $254,920. D. $255,520