*P6.10 (LO 6), AP Suzuki Company lost all of its inventory in a fire on December 26, 2022. The accounting records showed the following inventory-related data for November and December. December (to 12/26) November Net sales $600,000 $700,000 Beginning inventory Purchases 32,000 36,000 389,000 420,000 Purchase returns and allowances 13,300. 14,900 Purchase discounts 8,500 9,500 Freight-in 8,800 9,900 Ending inventory 36,000 ? 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. a. Gross profit rate 38% b. Using the gross profit rate for November, determine the estimated cost of the inventory lost in the fire. Compute ending inventory using retail method.