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. 58.6%
B. 81.2%
C. 35.9%
D. 64.1%
E. 18.8%
Answer: D
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