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.

What are the forecasted levels of the line of credit and special dividends? (hints: create a column showing the ratios for the current year; then create a new column showing the ratios used in the forecast. also, create a preliminary forecast that doesn’t include any new line of credit or special dividends. identify the financing deficit or surplus in this preliminary forecast and then add a new column that shows the final forecast that includes any new line of credit or special dividend.) now assume that the growth in sales is only 3%. what are the forecasted levels of the line of credit and special dividends?

How does your household gain from specialization and comparative advantage? (what is produced, what is not produced yet paid to a specialist to produce? )

mary's baskets company expects to manufacture and sell 30,000 baskets in 2019 for $5 each. there are 4,000 baskets in beginning finished goods inventory with target ending inventory of 4,000 baskets. the company keeps no work-in-process inventory. what amount of sales revenue will be reported on the 2019 budgeted income statement?