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Question - Sunland Company reported the following information for November and December 2020.
November December
Cost of goods purchased $531,000 $605,000
Inventory, beginning-of-month 128,000 164,840
Inventory, end-of-month 164,840 ?
Sales revenue 852,000 1,000,000
Sunland's ending inventory at December 31 was destroyed in a fire.
Required - Compute the gross profit rate for November.
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