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Wildhorse Company reported the following information for November and December 2020.
November. December.
Cost of goods purchased. $530,000. $600,000
Inventory, beg of month. 138,000. 163,550
Inventory, end of the month. 163,550. ????
Sales Revenue. 855,000. 1,000,000
Wildhorse's ending inventory at December 31 was destroyed in a fire.
Problem 1: Compute the gross profit rate for November
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