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Determine the companys cost percentage

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National Distributing Company uses a periodic inventory system to track its merchandise inventory and the gross profit method to estimate ending inventory and cost of goods sold for interim periods. Net purchases for the month of August were $31,000. The July 31 and August 31, 2016, financial statements contained the following information:

Income Statements
For the Months Ending
  August 31, 2016 July 31, 2016
  Net sales $50,000 $40,000

 

  Balance Sheets At
  August 31, 2016 July 31, 2016
  Assets:    
      Merchandise inventory $28,000 $27,000

Required:

Determine the company's cost percentage.

Reference no: EM131821363

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