Return to question 7 0.53 Anims National Distributing Company uses a periodic inventory system to track its merchandise inventory and the gross profit method to est mate ending inventory and cost of goods sold for interim periods. Net purchases for the month of August were 545,000. The July 31 and August 31, 2021, financial statements contained the following information: Tocane Statenent Fur + Mur End Auguet 31, 2021 July 31, 202. Not sales $45,000 $55,000 July 31, 2021 Balance Shorts et sust 31, 2321 Assets Merchandise Inventory $39,000 $30,000 Required: Determine the company's cost percentage Answer is complete but not entirely correct. Cast percentage