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 $688,000 Inventory, January 1 145,000 Purchases, January 1 through 643.000 July 8 Gross profit ratio 26% 206 What is the estimated inventory on July 8 immediately prior to the fire? Multiple Choice 5509,120 $278 880 $167180 $279.280 Type here to search O - 3 3