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 $615,000 $700,000 Beginning inventory 33,000 38,000 Purchases 388,000 430,000 Purchase returns and allowances 14,000 14,600 Purchase discounts 8,500 9,500 Freight-in 8,500 10,400 Ending inventory 38,000 ? Sheridan is fully insured for fire losses but must prepare a report for the insurance company. (a) Compute the gross profit rate for November. Gross profit rate %