Sheridan Company reported the following information for November and December 2022. November Cost of goods purchased $530,000; Inventory, beginning-of-month $139,000; Inventory, end-of-month $130,350; Sales revenue $855,000 December Cost of goods purchased $614,000; Inventory, beginning-of -month $130,350; Inventory, end-of-month ?; Sales revenue $1,000,000. Sheridan's ending inventory at December 31 was destroyed in a fire.

(a) compute the gross profit rate for November.

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