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The inventory of Metlock. Inc. was destroyed by fire on March 1. From an examination...

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The inventory of Metlock. 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 $53,000, Sales Returns and Allowances $1,300, Purchases $32,000, Freight-In $1,200, and Purchase Returns and Allowances $1,700. Determine the merchandise lost by fire, assuming: (a) A bezinning inventory of $22,500 and a gross profit rate of 45% on net sales. Estimated cost of merchandise lost

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