Question 4 of 5 Lily Company lost all of its inventory in a fire on December 26, 2022. The accounting records showed the following gross profit data for November and December. Net sales Beginning inventory Purchases Purchase returns and allowances Purchase discounts Freight-in Ending inventory (a) November $602,000 Gross proft rate 32,000 380,000 13,400 8,500 8,100 37,000 Compute the gross profit rate for November. December (to 12/26) $700,000 % 37,000 425,000 15,000 Lily is fully insured for fire losses but must prepare a report for the insurance company. 9,500 10,800 ? -15 = : SUP

Lily Company lost all of its imventory in a fire on December 26, 2022. The accounting records showed the following gross profit data for November and December. Lily is fully insured for fire losses but must prepare a report for the insurance company. (a) Compute the gross profit rate for November. Lily is fully insured for fire losses but must prepare a report for the insurance company. (a) Compute the gross profit rate for November. Gross profit rate % eTextbook and Media Attempts: 0 of 10 used (b) The parts of this question must be completed in order. This part will be available when you complete the part above