(b) A beginning inventory of $31,000 and a gross profit rate of 44% on net sales. Estimated cost of merchandise lost $ eTextbook and Media The inventory of Coronado Company 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 $55,000, Sales Returns and Allowances $1,000, Purchases $33,000, Freight-In $1,500, and Purchase Returns and Allowances $1,700. Determine the merchandise lost by fire, assuming: (a) A beginning inventory of $23,000 and a gross profit rate of 30% on net sales. Estimated cost of merchandise lost