Question 5 of 7 < View Policies Show Attempt History Current Attempt in Progress 0.5/1 The inventory of Whispering Winds 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 $54,500, Sales Returns and Allowances $1,400, Purchases $31,000, Freight-In $1,300, and Purchase Returns and Allowances $1.500. Determine the merchandise lost by fire, assuming: (a) Your answer is correct. A beginning inventory of $27,000 and a gross profit rate of 40% on net sales. Estimated cost of merchandise lost $ 25940 (b) eTextbook and Media Assistance Used Attempts: 2 of 3 used