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 $700,000 Inventory, January 1 130,000 Purchases, January 1 through July 8 640,000 Gross profit ratio 30% What is the estimated inventory on July 8 immediately prior to the fire? a. $192,000. b. $490,000. c. $510,000. d. $280,000. e. None of the above.
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