Novak Company reported the following information for November and December 2020. November December Cost of goods purchased $508,000 $ 694,000 Inventory, beginning-of-month 107,000 94,040 Inventory, end-of-month 94,040 ? Sales revenue 814,000 972,000 Novak's ending inventory at December 31 was destroyed in a fire, * Your answer is incorrect. Using the gross profit rate for November, determine the estimated cost of inventory lost in the fire (Round answer to O decimal places, e.g. 1.250.) Estimated cost of ending inventory $ -7080.0