CALCULATOR FULL SCREEN PRINTER VERSION BACK NER Exercise 6-20 The inventory of Concord Corporation 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 $51,000, Sales Returns and Allowances $1,300, Purchases $33,500, Freight In $1,200, and Purchase Returns and Allowances $1,800 Determine the merchandise lost by fire, assuming: page A beginning inventory of $20,500 and a gross profit rate of 45% on net sales. Estimated cost of merchandise lost A beginning inventory of $35,500 and a gross profit rate of 30% on net sales Estimated cost of merchandise lost Question Attempts of used VEL I T AWER