Crane Company reported the following information for November and December 2022. November December $531,000 $ 606,000 Cost of goods purchased Inventory, beginning-of-month Inventory, end-of-month 138,000 181,650 181,650 Sales revenue 855,000 1,000,000 Crane's ending inventory at December 31 was destroyed in a fire, Inventory, end-of-month 181,650 ? Sales revenue 855,000 1,000,000 Crane's ending inventory at December 31 was destroyed in a fire. (a) Compute the gross profit rate for November. Gross profit rate % e Textbook and Media Save for Later (b) Using the gross profit rate for November, determine the estimated cost of inventory lost in the fire. Estimated cost of ending inventory e Textbook and Media Save for Later Attempts: 0 of 5 used Submit Ans