DecemberNovember $($to $12/26)$Net sales$$600,000$ $$700,000$Beginning inventory$32,00036,000$Purchases$389,000420,000$Purchase returns and allowances$13,30014,900$Purchase discounts$8,5009,500$Freight$-$in$8,8009,900$Ending inventory$36,000?$P$6-10$A Compute gross profit rate and inventory loss using gross profit method Suzuki Company lost all of its inventory in a fire on December $26,2022.$ The accounting records showed thefollowing inventory$-$related data for November and December.Suzuki is fully insured for fire losses but must prepare a report for the insurance company. Instructions$($a$)($b$)$Compute the gross profit rate for November. Using the gross profit rate for November; determine the estimated cost of the inventorylost in the fire.NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a $"?"$