Inventory errors (Learning Objective 6) 5–10 min.

Inland Industrial Supply’s income statement data for the year ended October 31, 2014, follow.

Assume that the ending inventory was accidentally overstated by $2,800.
What are the correct amounts for cost of goods sold and gross profit?AppendixLO1

Transcribed Image Text:

Sales Revenue $253,700 Cost of Goods Sold Gross Profit 136,400 $117,300