Exercise 6-20 a-b The inventory of Coronado Company was destroved 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 beginning inventory of $23,000 and a gross profit rate of 30% on net sales. Estimated cost of merchandise lost A beginning inventory of $31,000 and a gross profit rate of 44% on net sales Estimated cost of merchandise lost Question Attempts: 0 of 10 used