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Suzuki Company lost all of its inventory in a fire on December 26, 2015. The accounting records showed the following gross profit data for November and December.
November
December (to 12/26)
Net sales
$608,428
$698,000
Beginning inventory
31,300
36,500
Purchases
392,900
423,800
Purchase returns and allowances
13,100
14,600
Purchase discounts
8,300
9,600
Freight-in
9,100
9,700
Ending inventory
?
Suzuki is fully insured for fire losses but must prepare a report for the insurance company.
Compute the gross profit rate for November. (Round answer to 1 decimal place, e.g. 25.5%.)
The gross profit rate for the month of November ______%.
Using the gross profit rate for November, determine the estimated cost of the inventory lost in the fire. (Round answer to 0 decimal places, e.g. 125.)
Inventory lost in the fire in December $______.
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