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 $695,000 Inventory, January 1 147,000 Purchases, January 1 through 640,000 July 8 Gross profit ratio 22% What is the estimated inventory on July 8 immediately prior to the fire? Multiple Choice $542,100. $246,100 O $244,900. O $140.800