Inland Industrial Supply's income statement data for the year ended October 31, 2016, follow. Sales Revenue ...........................
Question:
Sales Revenue ........................... $253700
Cost of Goods Sold...................... 136,400
Gross Profit .............................. $117,300
Assume the ending inventory was accidentally overstated by $2,800.
What are the correct amounts for cost of goods sold and gross profit?
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 =...
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