The inventory of Swifty 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 $52.000, Sales Returns and Allowances $1,000, Purchases $39,000, Freight-In $1,400, and Purchase Returns and Allowances $1,600. Determine the merchandise lost by fire, assuming (a) Your answer is correct. A beginning inventory of $21.000 and a gross profit rate of 31% on net sales. Estimated cost of merchandise lost $ 24610 (b) eTextbook and Media Your answer is incorrect. Assistance Used Attempts: 2 of 3 used