On July 8, a fite destroyed the entire merchandise inventory on hand of Larrenaga Wholesale Corporation. The following information is available: Help Save & E Sales, January 1 through July 8 Inventory, January 1 Purchases, January 1 through July 8 Gross profit ratio $686,000 139.000 641,000 258 What is the estimated Inventory on July 8 immediately prior to the fire? Multiple Choice $160.250 . $265,500 $514,500 What is the estimated inventory on July 8 immediately prior to the fire? Multiple Choice $160,250. O O O $265,500. $514,500 $267,300 Data related to the inventories of Alpine Ski Equipment and Supplies is presented below. Selling price Cost Replacement cost Sales commission Skis $170,000 140,000 116,000 10% Boots $144,000 140,000 118,000 100 Apparel $117,000 76,050 96,050 108 Supplies $74,000 51,800 47,800 10 In applying the lower of cost or net realizable value rule, the inventory of boots would be valued at Multiple Choice $118,000 $93,600. $140,000 In applying the lower of cost or net realizable value rule, the inventory of boots would be valued at: Multiple Choice d $118,000. $93,600 $140,000 $129,600