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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

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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 $683,000 Inventory, January 1 147,000 Purchases, January 1 through July 8 644,000 Gross profit ratio 25% What is the estimated inventory on July 8 immediately prior to the fire? Multiple Choice $278,750. $161000. $512.250. $279.950

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