The trial balance of Splish Brothers Inc. at the end of its fiscal year, August 31, 2022, includes these accounts: Beginning Inventory $21,510; Purchases $242,050; Sales Revenue $183,600; Freight-In $8,620; Sales Returns and Allowances $3,220; Freight-Out $3,510; and Purchase Returns and Allowances $6,550. The ending inventory is $24,800. Prepare a cost of goods sold section (periodic system) for the year ending August 31, 2022.

Which of the following statements is (are) true? i. free entry to a perfectly competitive industry results in the industry's firms earning zero economic profit in the long run, except for the most efficient producers, who may earn economic rent. ii. in a perfectly competitive market, long-run equilibrium is characterized by lmc < p < latc. iii. if a competitive industry is in long-run equilibrium, a decrease in demand causes firms to earn negative profit because the market price will fall below average total cost.