Sheridan Company reported the following information for November and December 2020. December Cost of goods purchased Inventory, beginning-of-month Inventory, end-of-month Sales revenue November $530,000 139,000 130,350 855,000 $ 614,000 130,350 ???? 1,000,000 Sheridan's ending inventory at December 31 was destroyed in a fire. (a) Your answer is correct. Compute the gross profit rate for November. (Round answer to o decimal places, e.g. 1596.) Gross profit rate Click if you would like to Show Work for this question: Open Show Work! SHOW SOLUTION SHOW ANSWER LINK TO TEXT LINK TO TEXT (b) x Your answer is incorrect. Try again. Using the gross profit rate for November, determine the estimated cost of inventory lost in the fire. (RE Estimated cost of ending inventory Click if you would like to Show Work for this question: Qren Show Work