Grandma Gwens Bakery reported net sales revenue of $52,000 and cost of goods sold of $22,000. Compute
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Grandma Gwen’s Bakery reported net sales revenue of $52,000 and cost of goods sold of $22,000. Compute Grandma Gwen’s Bakery’s correct gross profit if the company made either of the following independent accounting errors. Show your work.
a. Ending merchandise inventory is overstated by $6,000.
b. Ending merchandise inventory is understated by $6,000.
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Related Book For
Horngrens Accounting The Financial Chapters
ISBN: 9780137884858
14th Edition
Authors: Brenda Mattison, Tracie Miller-Nobles
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