apter 6 Assignment 2 Question 5 of 7 View Policies Show Attempt History < > Current Attempt in Progress 0/1 = The inventory of Whispering Winds Corp. was destroyed by fire on March 1. From an examination of the accounting records, the following data for the first 2 months of the year are obtained: Sales Revenue $54,500, Sales Returns and Allowances $1.400, Purchases $31.000, Freight-In $1.300, and Purchase Returns and Allowances $1,500. Determine the merchandise lost by fire, assuming (a) Your answer is incorrect. A beginning inventory of $27,000 and a gross profit rate of 40% on net sales. Estimated cost of merchandise lost $ I eTextbook and Media. Save for Later Assistance Used Attempts: 1 of 3 used Submit Answer