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Compute the gross profit rate for November

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Problem - Oriole Company reported the following information for November and December 2020.

 

November

December

Cost of goods purchased

$535,000

$602,000

Inventory, beginning-of-month

138,000

183,370

Inventory, end-of-month

183,370

?

Sales revenue

859,000

1,000,000

Oriole's ending inventory at December 31 was destroyed in a fire. Compute the gross profit rate for November.

Reference no: EM133045868

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