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 $696,000 Inventory. January 1 I 146,000 Purchases, January 1 through 643,000 July 8 Gross profit ratio 26% What is the estimated inventory on July 8 immediately prior to the fire? Multiple Choice O $55.040 0 $273.950 0 $167.180 0 $274.550