Question
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
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
Compute the gross profit rate for November.(Round answer to 0 decimal places, e.g. 15%.)
Gross profit rate ______%
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
