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Compute the gross profit rate for november

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Reference no: EM132689423

Wildhorse Company reported the following information for November and December 2020.

                                     November.      December.

Cost of goods purchased. $530,000.          $600,000

Inventory, beg of month. 138,000.             163,550

Inventory, end of the month. 163,550.         ????

Sales Revenue. 855,000.                        1,000,000

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

Problem 1: Compute the gross profit rate for November

Reference no: EM132689423

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