Question: I would appreciate assistance on this problem. 1 P6-10A Compute gross profit rate and inventory loss using gross profit method 2 Suzuki Company lost all

I would appreciate assistance on this problem.

lost all of its inventory in a fire on December 26, 2019.

1 P6-10A Compute gross profit rate and inventory loss using gross profit method 2 Suzuki Company lost all of its inventory in a fire on December 26, 2019. The accounting records showed the 3 following gross fprofit data for November and December. December 4 Net sales Beginning inventory Purchases Purchase returns and allowances Purchase discounts Freight-in Ending inventory $600,000 $700,000 36,000 389,000 420,000 14,900 9,500 9.900 32,000 6 7 13,300 8,500 8,800 36,000 10 12 13 Suzuki is fully insured for fire losses but must prepare a report for the insurance company. 14 Instructions 5 (a)Compute the gross profit rate for November. 16 (b) Using the gross profit rate for November; determine the estimated cost of the inventory 17 18 NOTE: Enter either a number or a formula in Yellow cells. 19 20 21 (a) nuon lost in the fire. November Net Sales Try Again

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