Reference no: EM132686401
Crane Company reported the following information for November and December 2020.
November December
Cost of goods purchased $538,000 $ 614,000
Inventory, beginning-of-month 126,000 161,910
Inventory, end-of-month 161,910 ????
Sales revenue 851,000 1,000,000
The gross profit rate for November: 41%
Problem 1: Using the gross profit rate for November, what is the estimated cost of inventory lost in the fire? (Round answer to 0 decimal places, e.g. 1,250.)