Question 7 (4 points) 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 $690,000 Inventory, January 1 150,000 Purchases, January 1 through July 8 660,000 Gross profit as a % of sales 25% What is the estimated Inventory on July 8 immediately prior to the fire? a) $517,500 Ob) $165,000 c) $294,300 d) $292,500