Esti gros (sa *P6-114 Chang Company lost all of its inventory in a fire on December 28, 2003. The accounting records showed the following gross profit data for November and December: December November (to 12/28) Net sales $500,000 $400,000 Beginning inventory 22,100 31,100 Purchases 314,975 236,000 Purchase returns and allowances 11,800 4,000 4,402 3,700 Ending inventory 31,100 ? Chang is fully insured for fire losses but must prepare a report for the insurance company. Instructions (a) Calculate the gross profit margin for November. (b) Using the gross profit margin for November, determine the estimated cost of the inventory lost in the fire. Freight in