Ivanhoe Company reported the following information for November and December 2022. November December Cost of goods purchased $537,000 $610,000 Inventory, beginning-of-month 124,000 140,200 Inventory, end-of-month 140,200 ? Sales revenue 840,000 1,000,000 Ivanhoe's ending inventory at December 31 was destroyed in a fire. (a) Compute the gross profit rate for November. Gross profit rate eTextbook and Media Save for Later Attempts: 0 of 5 used Submit Answer (b) Using the gross pront rate for November, determine the estimated cost of inventory lost in the fire Estimated cost of ending inventory $ eTextbook and Media Save for Later Attempts: 0 of 5 used Submit Answer