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On July 8, a fire destroyed the entire merchandise Inventory on hand of Larrenaga Wholesale...

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Accounting

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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 $698,000 141,000 642,000 238 What is the estimated Inventory on July 8 immediately prior to the fire? Multiple Choice $246,940 $537,460 $245,540 $147,660

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