Waterway 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 $ 615,500 Net sales December (to 12/26) $ 730,000 37,000 32,000 388,000 428,000 13,400 15,000 Beginning inventory Purchases Purchase returns and allowances Purchase discounts Freight-in Ending inventory 8,500 9.500 8,200 10,900 37,000 ? Waterway is fully insured for fire losses but must prepare a report for the insurance company. (a) Compute the gross profit rate for November Gross proftrate %