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Compute the gross profit rate for November

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Reference no: EM133059868

Question - Wildhorse Company reported the following information for November and December 2022.

 

November

December

Cost of goods purchased

$538,000

$603,000

Inventory, beginning-of-month

126,000

171,000

Inventory, end-of-month

171,000

?

Sales revenue

850,000

1,000,000

Wildhorse's ending inventory at December 31 was destroyed in a fire.

(a) Compute the gross profit rate for November.

(b) Using the gross profit rate for November, determine the estimated cost of inventory lost in the fire.

Reference no: EM133059868

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