Motion Auto reported sales revenue of $138,000 and cost of goods sold of $76,000 Requirements 1 Compute Motion Autos correct gross profit assuming the companys ending inventory is overstated by $1,300 Show your work 2 Compute Motion Autos correct gross profit assuming the companys ending inventory ...

Req 1 Sales Revenue 138000 Cost of Goods Sold 76000 1 ...

Motion Auto reported sales revenue of $138,000 and cost of goods sold of $76,000. Requirements 1. Compute

Question:

Motion Auto reported sales revenue of $138,000 and cost of goods sold of $76,000.
Requirements
1. Compute Motion Auto’s correct gross profit assuming the company’s is overstated by $1,300. Show your work.
2. Compute Motion Auto’s correct gross profit assuming the company’s is understated by $2,700. Show your work.
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 =...