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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 Inventory, January 1 Purchases, January 1 through July 8 Gross profit ratio $695,000 140,000 641,000 249 What is the estimated Inventory on July 8 immediately prior to the fire? Multiple Choice $528,200 5252.800 $153 40 $253 200

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