S6-12. (Learning Objective 5: Assessing the effect of an inventory error—one year only)

XYZ, Inc., reported these figures for its fiscal year (amounts in millions):

Suppose XYZ later learns that ending inventory was overstated by $14 million. What are the correct amounts for

(a) net sales,

(b) ending inventory,

(c) cost of goods sold, and

(d) gross profit?

Transcribed Image Text:

Net sales........... Cost of goods sold........... Ending inventory.. $ 2,100 1,150 480