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 $681,000 136,000 650,0001 ,28% What is the estimated Inventory on July 8 immediately prior to the fire? Multiple Choice $295,680