Question
CWD Inc. reported these figures for its fiscal year (amounts in millions): Net sales. Cost of goods sold $ 2,100 1,190 340 Ending inventory..
CWD Inc. reported these figures for its fiscal year (amounts in millions): Net sales. Cost of goods sold $ 2,100 1,190 340 Ending inventory.. Suppose CWD later learns that ending inventory was overstated by $5 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 $ million. (c) Cost of goods sold would be $ million. (d) Gross profit would be $ million.
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