Inland Industrial Supply's income statement data for the year ended December 31, 2016, follow. Sales Revenue .........................

Question:

Inland Industrial Supply's income statement data for the year ended December 31, 2016, follow.
Sales Revenue ......................... $253700
Cost of Goods Sold ................... 136,400
Gross Profit ........................... $117,300
Assume the was accidentally overstated by $3,200 in 2016. How would the inventory error affect Inland Industrial Supply's cost of goods sold and gross profit for the year ended December 31, 2017, if the error is not corrected in 2016?
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 =...