What is gross profit rate for the month of november

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Problem - 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

$603,871

$696,300

Beginning inventory

32,000

36,600

Purchases

391,300

424,600

Purchase returns and allowances

13,000

14,600

Purchase discounts

8,300

9,600

Freight-in

9,000

9,800

Ending inventory

36,600

?

Suzuki is fully insured for fire losses but must prepare a report for the insurance company.

Required - What is gross profit rate for the month of November?

Reference no: EM132464721

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