Crane 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.

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

$($a$)$

$$ Your answer is correct.

Compute the gross profit rate for November.

Gross profit rate

$\%$

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$($b$)$

Your answer is incorrect.

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

Estimated inventory lost in fire