Current Attempt in Progress The inventory of Blue Spruce 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 $52,500, Sales Returns and Allowances $1,500. Purchases $31,000, Freight-in $1,200, and Purchase Returns and Allowances $1,800. Determine the merchandise lost by fire, assuming A beginning inventory of $22,000 and a gross profit rate of 40% on net sales, Estimated cost of merchandise lost $ eTextbook and Media Abeginning inventory of $35,500 and a gross profit rate of 30% on net sales. Estimated cost of merchandise lost $ eTextbook and Media