The cost of goods sold computations for Ivanhoe Company and Concord Company are shown below.

Ivanhoe. Concord

Company. Company

Beginning Inventory $41,000. $72,000

Cost of goods purchased. 438,800. 175,500

Cost of goods avail for sale 479,800. 247,500

Ending inventory. 71,000. 70,000

Cost of goods sold. $408,800. $177,500

Compute inventory turnover for each company.(Round answers to 2 decimal places, e.g. 15.25.)

Ivanhoe Company. Concord Company

Inventory turnover:

2nd question:

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.

Compute the gross profit rate for November.(Round answer to 0 decimal places, e.g. 15%.)

Gross Profit Rate: %