Sheridan Company lost all of its inventory in a fire on December 26, 2022. The accounting records showed the following inventory- related data for November and December. November December (to 12/26) Net sales $601,500 $710,000 Beginning inventory 30,000 38,000 Purchases 382,000 421,000 Purchase returns and allowances 13,000 14,900 Purchase discounts 8,500 9,500 Freight-in 8,400 10,800 Ending inventory 38,000 ? Sheridan is fully insured for fire losses but must prepare a report for the insurance company. taj Compute the gross profit rate for November. Gross profit rate eTextbook and Media Save for Later Attempts: 0 of 10 used Submit