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 $697,000 130,000 643,000 26 What is the estimated inventory on July 8 immediately prior to the fire? Multiple Choice $257,220 $515780 $167180 $258.220 NAN>