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What is the estimated inventory on July

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Question - 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 $689,000

Inventory, January 1 138,000

Purchases, January 1 through July 8 649,000

Gross profit ratio 29%

What is the estimated inventory on July 8 immediately prior to the fire?

a. $297,810.

b. $489,190.

c. $298,610.

d. $188,210.

Reference no: EM132574147

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