Bonita Company lost all of its inventory in a fire on December 26, 2022. The accounting records showed the following inventory-related data for November and December.

		November		December (to 12/26)
Net sales		$ 618,000		$ 730,000
Beginning inventory		30,000		30,000
Purchases		384,000		428,000
Purchase returns and allowances		13,100		14,600
Purchase discounts		8,500		9,500
Freight-in		8,400		10,600
Ending inventory		30,000		?

Bonita is fully insured for fire losses but must prepare a report for the insurance company.

(a)

Compute the gross profit rate for November.

Gross profit rate

enter the gross profit rate in percentages

______________%

(b)

Using the gross profit rate for November, determine the estimated cost of the inventory lost in the fire.

Estimated inventory lost in fire

$ _________