Sandhill Company reported the following information for November and December 2022.

		November		December
Cost of goods purchased		$ 530,000		$ 610,000
Inventory, beginning-of-month		133,000		157,800
Inventory, end-of-month		157,800		?
Sales revenue		842,000		1,000,000

Sandhills ending inventory at December 31 was destroyed in a fire.

(a) Your answer is incorrect Compute the gross profit rate for November. Gross profit rate % e Textbook and Media Assistance Used eTextbook Save for Later Attempts: 4 of 5 used Submit Answer (b) Using the gross profit rate for November, determine the estimated cost of inventory lost in the fire. Estimated cost of ending inventory eTextbook and Media Assistance Used eTextbook Save for Later Attempts: 0 of 5 used Submit