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Boston Pool Supplies's merchandise inventory data for the year ended December 31, 2019, follow: E(Click the icon to view the inventory data.) Read the requirements.
Boston Pool Supplies's merchandise inventory data for the year ended December 31, 2019, follow: E(Click the icon to view the inventory data.) Read the requirements. Requirement 1. Assume that the ending merchandise inventory was accidentally overstated by $1,400. What are the correct amounts for cost of goods sold and gross profit? Cost of goods sold in 2019 would be S What is the correct amount of gross profit? Gross profit in 2019 would be $ Requirement 2. How would the inventory error affect Boston Pool Supplies's cost of goods sold and gross profit for the year ended December 31, 2020, if the error is not corrected in 2019? by $ Cost of goods sold for 2020 would be How would the inventory error affect Boston Pool Supplies's gross profit for the year ended December 31, 2020, if the error not corrected in 2019? by $ Gross profit for 2020 would be - X i Data Table Sales Revenue $ 61,000 Cost of Goods Sold: Beginning Merchandise Inventory $ 3,600 42,400 Net Cost of Purchases Cost of Goods Available for Sale 46,000 Less: Ending Merchandise Inventory 4,900 41,100 Cost of Goods Sold 19,900 Gross Profit
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