Exercise 6-19 a-b

Cullumber Company reported the following information for November and December 2020.

November December

Cost of goods purchased $537,000$ 603,000

Inventory, beginning-of-month 130,000 118,520

Inventory, end-of-month 118,520 ????

Sales revenue 857,000 1,000,000

Compute the gross profit rate for November.(Round answer to 0 decimal places, e.g. 15%.)

Gross profit rate ________%.

Using the gross profit rate for November, determine the estimated cost of inventory lost in the fire.(Round answer to 0 decimal places, e.g. 1,250.)

Estimated cost of ending inventory $________.