Sunland Company lost all of its inventory in a fire on December 26,2022 The accounting records showed the following inventory related data for November and December

	November	December (to 12/26)
Net Sales	615000	720000
Beginning Inventory	31000	39000
Purchases	390000	428000
Purchase returns and Allowances	13500	14700
Purchase Discounts	7900	9500
Freight In	8400	10000
Ending Inventory	39000	?

Sunland is fully insured for the fire losses but must prepare a report for the insurance company.

1. Compute the gross profit rate for November :

%

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

$