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 1 140,000 Purchases, January 1 through 653,000 July 8 Gross profit ratio 27% What is the estimated inventory on July 8 immediately prior to the fire? Multiple Choice $285,650. $176,310. $507,350 $286,050