Oxford Packing Company reported net sales in November of the current year of $1,000,000. At the beginning of November, the company reported beginning inventory of $368,000. Cost of goods purchased during November amounted to $217,500. The company reported ending inventory at the end of November of $226,750. The company's gross profit rate for November of the current year was:
A) 81.2%
B) 18.8%
C) 58.6%
D) 35.9%
E) 64.1%

Question

Quizplus · Accepted Answer

The Answer of Oxford Packing Company reported net sales in November of the current year of $1,000,000. At the beginning of November, the company reported beginning inventory of $368,000. Cost of goods purchased during November amounted to $217,500. The company reported ending inventory at the end of November of $226,750. The company's gross profit rate for November of the current year was:
A) 81.2%
B) 18.8%
C) 58.6%
D) 35.9%
E) 64.1%

Oxford Packing Company Reported Net Sales in November of the Current