Current Attempt in Progress The inventory of Skysong Inc. 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 $1.200, Purchases $33,000, 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 $20,000 and a gross profit rate of 40% on net sales Estimated cost of merchandise lost $ eTextbook and Media