The inventory of Coronado 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 $54,000, Sales Returns and Allowances $1,000, Purchases $31,000, Freight-In $1,200, and Purchase Returns and Allowances $1,400. Determine the merchandise lost by fire, assuming: (a) A beginning inventory of $24,000 and a gross profit rate of 34% on net sales. Estimated cost of merchandise lost $