Pronghorn Company reported the following information for November and December 2019. November December Cost of goods purchased $506,000 $ 690,000 Inventory, beginning-of-month 105,000 92,600 Inventory, end-of-month 92,600 ? Sales revenue 810,000 964,000 Pronghorns ending inventory at December 31 was destroyed in a fire.

Compute the gross profit rate for November.

Using the gross profit rate for November, determine the estimated cost of inventory lost in the fire.