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

		November		December
Cost of goods purchased		$539,000		$ 605,000
Inventory, beginning-of-month		127,000		194,650
Inventory, end-of-month		194,650		?
Sales revenue		857,000		1,000,000

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

(a)

Compute the gross profit rate for November.

Gross profit rate

enter the gross profit rate in percentages

%

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(b)

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

Estimated cost of ending inventory

$enter the estimated cost of ending inventory in dollars

please help me with this