Question: Please help answer SA7 and SA8 thank youuu :) SA7. Financial information is presented below: The gross profit rate would be? SA8. Assume Grammar Company

Please help answer SA7 and SA8

thank youuu :)

SA7. Financial information is presented below: The gross profit rate would be? SA8. Assume Grammar Company uses the periodic inventory system and has a beginning inventory balance of $5,000, purchases of $75,000, and sales of $125,000. Grammar closes its records once a year on December 31 . In the accounting records, the inventory account would be expected to have a balance on December 31 prior to adjusting and closing entries that was

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