P$6-10$A Compute aross profit rate and inventorv loss using aross profit method

Suzuki Company lost all of its inventory in a fire on December $26,2015.$ The accounting records showed the

following gross fprofit data for November and December.

Suzuki is fully insured for fire losses but must prepare a report for the insurance company.

Instructions

$($a$)$ Compute the gross profit rate for November.

$($b$)$ Using the gross profit rate for November; determine the estimated cost of the inventory

lost in the fire.

NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a $"?".$