The inventory of Marigold 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 $55,000, Sales Retums and Allowances $1,100. Purchases $33,500,Freight-in $1,500, and Purchase Returns and Allowances $1,600. Determine the merchandise lost by fire, assuming A beginning inventory of $21.500 and a gross profit rate of 40% on net sales. Estimated cost of merchandise lost $ e Textbook and Media A beginning inventory of $38,500 and a gross profit rate of 35% on net sales. Estimated cost of merchandise lost