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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

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 $694,000 Inventory, January 1 148,000 Purchases, January 1 through July 8 658,000 Gross profit ratio. 28% $184,240. $307,920. $499,680. $306,320

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