Chapter 6 Homework Note: All homework assignments must be submitted through the Blackboard course site. Chapter 6 Question 7: (2 points The Williams Company's merchandise inventory was destroyed by fire on December 13. The following data were obtained from the accounting records: Beginning inventory Net purchases (from Jan. 1-Dec. 13) $350,000 2,950,000 4,440,000 Sales Gross profit rate 35% Required: Using the gross profit method, calculate the cost of merchandise destroyed. Omit signs