Repeat M7 18, except assume the 2012 ending inventory was overstated by $100,000 M7 18 Assume the 2012 ending inventory of Shea 's Shrimp Shack was understated by $10,000 Explain how this error would affect the amounts reported for cost of goods sold and gross profit for 2012 and 2013 ...

2012 Beginning Inventory Accurate Purchases of merchandise during the year Accu ...

Repeat M7-18, except assume the 2012 ending inventory was overstated by $100,000. M7-18 Assume the 2012 ending

Question:

Repeat M7-18, except assume the 2012 was overstated by $100,000.
M7-18
Assume the 2012 of Shea's Shrimp Shack was understated by $10,000. Explain how this error would affect the amounts reported for cost of goods sold and gross profit for 2012 and 2013.
Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...