Solution-Compute the gross profit rate for November

Compute the gross profit rate for November

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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Compute the gross profit rate for November

Reference no: EM133059868

Reference no: EM133059868

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