Inland Industrial Supplys income statement data for the year ended December 31, 2018, follow. Sales Revenue..............................$253,700 Cost
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Inland Industrial Supply’s income statement data for the year ended December 31, 2018, follow.
Sales Revenue..............................$253,700
Cost of Goods Sold........................136,400
Gross Profit..................................$117,300
Assume the ending inventory was accidentally overstated by $3,200 in 2018. How would the inventory error affect Inland Industrial Supply’s cost of goods sold and gross profit for the year ended December 31, 2019, if the error is not corrected in 2018?
Ending InventoryThe 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 =...
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Because the uncorrected ending inventory error in 20...View the full answer
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