COGS: 168,938

Compute Cheyenne's gross profit and gross profit rate. Gross profit \$ Gross profit rate (Round answer to 1 decimal place, e.g., 52.3) The trial balance of Cheyenne Company at the end of its fiscal year, August 31,2022 , includes these accounts: Inventory $20,800; Purchases $177,000; Sales Revenue $228,000; Freight-in $5,800; Sales Discounts $4,000; Sales Returns and Allowances $4,600; Freight-Out $2,300; Purchase Discounts $3,700 and Purchase Returns and Allowances $3,200. The ending Inventory is $27,762