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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

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 $ 680,000 Inventory, January 1 134,000 Purchases, January 1 through July 8 652,000 Gross profit ratio 20 % What is the estimated inventory on July 8 immediately prior to the fire?

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