Binder Supplies' $3.9 million cost of inventory at the end of last year was understated by $1.9 million. Was last year's reported gross profit of $3.1 million overstated, understated, or correct? What was the correct amount of gross profit last year? Is this year's gross profit of $3.3 million overstated, understated, or correct? What is the correct amount of gross profit for the current year? Was last year's reported cost of goods sold of $5.5 million overstated, understated, or correct? What was the correct amount of cost of goods sold last year? Is this year's cost of goods sold of $5.7 million overstated, understated, or correct? What is the correct amount of cost of goods sold for this year? Was last year's reported gross profit of $3.1 million overstated, understated, or correct? What was the correct amount of gross profit last year? Last year's reported gross profit of $3.1 million was overstated. The correct amount of gross profit for last year is $1.2 million. Is this year's gross profit of $3.3 million overstated, understated, or correct? What is the correct amount of gross profit for the current year? This year's reported gross profit of $3.3 million is understated. The correct amount of gross profit for this year is $5.2 million. Was last year's reported cost of goods sold of $5.5 million overstated, understated, or correct? What was the correct amount of cost of goods sold last year? Last year's reported cost of goods sold of $5.5 million was. The correct amount of cost of goods sold for last year is $ million. Click to select your answer(s)