Oxford Packing Company Reported Net Sales in November of the Current

Multiple Choice

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) 35.9%
B) 18.8%
C) 81.2%
D) 64.1%
E) 58.6%