Ivanhoe Company reported the following information for November and December 2022. November December Cost of goods purchased $540,000 $ 606,000 Inventory, beginning-of-month 139,000 153,240 Inventory, end-of-month 153,240 ? Sales revenue 848,000 1,000,000 Ivanhoe's ending inven at December 31 was royed in a fire. (a) Your answer is incorrect. Compute the gross profit rate for November. Gross profit rate % (b) Your answer is incorrect. 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