Question: Shereen Company reported the following information for November and December 2017

Shereen Company reported the following information for November and December 2017.


Shereen’s ending inventory at December 31 was destroyed in a fire.

Instructions
(a) Compute the gross profit rate for November.
(b) Using the gross profit rate for November, determine the estimated cost of inventory lost in thefire.


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  • CreatedMarch 02, 2015
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