Exercise 9-12 Gross profit method; solving for unknown cost percentage [LO9-21 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 $37.000 The July 31 and August 31, 2018 financial statements contained the following information Inco Statants For the Months Ending August 31, 2017 2018 Required: Determine the company's cost percentage Cost percentage Saved Help Exercise 9-12 Gross profit method; solving for unknown cost percentage [LO9-2] 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 $37,000. The July 31 and August 31, 2018, financial statements contained the following Information Income Statements For the Months Ending August 31, 2018 $6e,eee July 31, 2018 $5e.eee sales Balance Sheets At August 31, 2018 July 31, 2018 $32.88 Merchandise inventory Required: Determine the company's cost percentage Cost percentage