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Bonus Question (5 points) A furniture company produced two tables in 2018 and added them into the firm's inventory. The production cost (i.e., cost of
Bonus Question (5 points) A furniture company produced two tables in 2018 and added them into the firm's inventory. The production cost (i.e., cost of goods sold) was $50 each. The company sold one table in 2019 for $100, and another one in 2020 for $80. Assuming all else equal, determine the impact of changing from accrual basis accounting to cash basis accounting on the firm's gross profit in 2019
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