Current Attempt in Progress The inventory of Swifty 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 $52.000, Sales Returns and Allowances $1,000, Purchases $39,000. Freight-In $1.400, and Purchase Returns and Allowances $1.600. Determine the merchandise lost by fire, assuming: (a) Your answer is incorrect A beginning inventory of $21,000 and a gross pront rate of 31% on net sales Estimated cost of merchandise lost $ eTextbook and Media Save for Later Assistance Used Attempts: 1 of 3 used Submit Answer