Novak Company reported the following information for November and December 2020. November December Cost of goods purchased Inventory, beginning-of-month Inventory, end-of-month Sales revenue $508,000 107,000 94,040 814,000 $ 694,000 94,040 ? 972,000 Novak's ending inventory at December 31 was destroyed in a fire. 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, eg. 1,250.) Estimated cost of ending inventory $