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Crane Company reported the following information for November and December 2020.
November December
Cost of goods purchased $538,000 $ 614,000
Inventory, beginning-of-month 126,000 161,910
Inventory, end-of-month 161,910 ????
Sales revenue 851,000 1,000,000
Problem 1: Compute the gross profit rate for November. (Round answer to 0 decimal places, e.g. 15%.)
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