(a) Your answer is correct. Compute the gross profit rate for November. (Round answer to decimal places Gross profit rate 38% Click if you would like to Show Work for this question: Open Show Work SHOW SOLUTION SHOW ANSWER LINK TO TEXT LINK TO TEXT Using the gross profit rate for November, determine the estimated cost of inventory los Estimated cost of ending inventory $ Click if you would like to Show Work for this question: Open Show Work LINK TO TEXT es Cost of goods purchased Inventory, beginning-of-month Inventory, end-of-month Sales revenue $537,000 124,000 140,200 840,000 $ 610,000 140,200 2222 n 1,000,000 Ivanhoe's ending inventory at December 31 was destroyed in a fire. ody. (a) Your answer is correct. Compute the gross profit rate for November. (Round answer to 0 decimal places, eg. 159.) Gross profit rate 38 % Click if you would like to Show Work for this question: Open Show Work SHOW SOLUTION SHOW ANSWER LINK TO TEXT LINK TO TEXT (b) Using the gross profit rate for November determine the estimated cost of inventory lost in the fire