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

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Accounting

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

November

December

Cost of goods purchased

 $538,000 $ 604,000

Inventory, beginning-of-month

 123,000 149,200

Inventory, end-of-month

 149,200 ?

Sales revenue

 853,000 1,000,000

Pharoahs 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

%

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

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