Inland Industrial Supplys income statement data for the year ended October 31, 2018, follow. Sales Revenue.........................$253,700 Cost
Question:
Inland Industrial Supply’s income statement data for the year ended October 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 $2,800. What are the correct amounts for cost of goods sold and gross profit?
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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