Crane Company lost all of its inventory in a fire on December 28, 2021. The accounting records showed the following gross profit data for November and December:

		November			December (to Dec. 28)
Sales		$674,000			$964,000
Sales Returns and Allowances		16,000			24,000
Purchases		439,000			621,000
Purchase returns and allowances		18,000			21,000
Freight in		7,200			13,000
Beginning inventory		35,000			39,400
Ending inventory		39,400			?

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

New attempt is in progress. Some of the new entries may impact the last attempt grading.Your answer is incorrect.

Calculate gross profit for the month of November.

Gross profit

$

eTextbook and Media

Incorrect answer iconYour answer is incorrect.

Calculate the gross profit margin percentage for November. (Round gross profit margin to 1 decimal place, e.g. 52.7%.)

Gross profit margin

$

eTextbook and Media

Incorrect answer icon Your answer is incorrect.

Determine the amount of inventory lost by Crane Company as a result of the fire using the gross profit method. (Round gross profit margin to 1 decimal place, e.g. 52.7% and final answer to 0 decimal places, e.g. 5,275.)

Inventory lost by Crane

$