Crane Company lost all of its inventory in a fire on December 26, 2020. The accounting records showed the following gross profit data for November and December.

November December

(to 12/26)

Net sales $612,000 $700,000

Beginning inventory 30,000 36,000

Purchases 386,000 424,000

Purchase returns and allowances 13,000 14,800

Purchase discounts 8,500 9,500

Freight-in 8,700 10,900

Ending inventory 36,000 ?

Crane is fully insured for fire losses but must create a report for the insurance company.

Compute the gross profit rate for November.

Gross profit rate ___________ %.

Using the gross profit rate for November, determine the estimated cost of the inventory lost in the fire.(Round answer to 0 decimal places, e.g. 125.)

Estimated inventory lost in fire $ ________.