Westor Company lost all of its inventory in a fire on December 28, 2024. The accounting records showed the following gross profit data for November and December: November December (to Dec. 28) Sales $674,000 $965,390 Sales returns and allowances 14,000 26,000 Purchases 441,190 621,660 Purchase returns and allowances 17,550 22,575 Freight in 6,860 12,300 Beginning inventory 34,050 39,405 Ending inventory 39,405 ? Westor is fully insured for fire losses but must prepare a report for the insurance company. Instructions Calculate gross profit for the month of November. Calculate the gross profit margin percentage for November. Determine the amount of inventory lost by Westor Company as a result of the fire using the gross profit method.The insurance adjustor is concerned that this method of calculating the cost of the inventory destroyed might not be accurate. What factors contribute to the accuracy of the ending inventory amount when using the gross profit method? Determine ending inventory using retail method.

(hint : December's ending inventory = $45,634.96)