Current Attempt in Progress Novak Pottery lost 70% of its inventory in a fire on March 25, 2020. The accounting records showed the following gross profit data for February and March. February March (to 3/25) Net sales 312,000 270,400 Net purchases 205,712 198,640 Freight-in 3,016 4,160 Beginning inventory 4,680 26,208 Ending inventory 26,208 ? Novak is fully insured for fire losses but must prepare a report for the insurance company. X Your answer is incorrect. Compute the gross profit rate for the month of February. (Round answer to 2 decimal places, eg. 25.16%) The gross profit rate for the month of February 59.03 %