Bonsai Boards income statement data for the year ended December 31,2010, follow. Assume that the ending inventory

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Bonsai Board’s income statement data for the year ended December 31,2010, follow. image text in transcribed

Assume that the ending inventory was accidentally overstated by $3,300. How would the inventory error affect Bonsai Boards’ cost of goods sold and gross profit for the year ended December 31, 2011, if the error is not corrected in 2010?

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Financial Accounting

ISBN: 9780136060482

1st Edition

Authors: Jeffrey Waybright, Robert Kemp

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Question Posted: May 11, 2024 11:03 PM

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Bonsai Boards income statement data for the year ended December 31,2010, follow. Assume that the ending inventory

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Sales Revenue Cost of Goods Sold Gross Profit $237,500 142,800 $ 94,700

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Financial Accounting

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