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AFW Inc. reported these figures for its fiscal year (amounts in millions): $ 2,000 Net sales Cost of goods sold. Ending inventory 1,140 330 Suppose
AFW Inc. reported these figures for its fiscal year (amounts in millions): $ 2,000 Net sales Cost of goods sold. Ending inventory 1,140 330 Suppose AFW later learns that ending inventory was overstated by $9 million. What are the correct amounts for (a) net sales, (b) ending inventory, (c) cost of goods sold, and (d) gross profit? (a) Net sales would be $million. (b) Ending inventory would be 8 million (c) Cost of goods sold would be $ million. (d) Gross profit would be $ million
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