Exercise 6-20 The inventory of Windsor, 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 $54,000, Sales Returns and Allowances $1,200, Purchases $34,000, Freight-In $1,400, and Purchase Returns and Allowances $1,700. Determine the merchandise lost by fire, assuming: Your answer is incorrect. Try again A beginning inventory of $22,500 and a gross profit rate of 40% on net sales. Estimated cost of merchandise lost LTNK TO TEXT Your answer is incorrect. Try again. A beginning inventory of $37,500 and a gross profit rate of 30% on net sales. Estimated cost of merchandise lost