A new income statement for August for Swift company is shown below. 
Also, since the president has asked you to check over the income statement and make a recommendation as to whether the company should look for a buyer for its assets. 
My recommendation would be to not buy.
                                             Swift Company 
                                          Income Statement 
                                For the Month Ended August 31
Particulars                                                   Amount (in $)    Amount (in $)
Sales ..............................................................                          450,000 
Cost of goods sold: 
Finished goods inventory, August 1 ...............  40,000 
Add: Cost of goods manufactured ................. <u>310,000 </u>
Goods available for sale ................................ 350,000 
Deduct: Finished goods inventory, August 31..<u> 60,000</u>            <u> 290,000 </u>
Gross margin ..................................................                         160,000 
Selling and administrative expenses .................                      <u>142,000</u> 
Net operating income......................................                           18,000
Sam failed to distinguish between product costs and period costs when preparing the August income statement, and he also failed to recognize changes in inventories between the beginning and end of the month. 
Once these errors are corrected, the company's financial situation looks much better, and selling the company may not be a good idea.
Hence, my recommendation would be not to buy.
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