Abbotsford Ltd., a sports equipment wholesaler, sold $350,000 of merchandise to customers during November. The cost of the merchandise shipped was $200,000. All of the merchandise was shipped FOB destination. At November 30, $40,000 of the merchandise was in transit. The cost of the merchandise in transit was $23,000. During November, Abbotsford purchased $90,000 of merchandise inventory and made cash payments for merchandise inventory of $100,000. How much revenue should the company recognize for the month of November? What is the gross profit recognized in November?