Inventory errors (Learning Objective 6) 1015 min. Titan Trucks reported sales revenue of $343,000 and cost of
Question:
Inventory errors (Learning Objective 6) 10–15 min.
Titan Trucks reported sales revenue of $343,000 and cost of goods sold of $246,000.
Requirements 1. Compute Titan Trucks’ correct gross profit assuming the company’s ending inventory is overstated by $3,600. Show your work.
2. Compute Titan Trucks’ correct gross profit assuming the company’s ending inventory is understated by $1,800. Show your work.
AppendixLO1
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Related Book For
Financial Accounting
ISBN: 9781292019543
3rd Global Edition Edition
Authors: Robert Kemp, Jeffrey Waybright, Pearson Education
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