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Haywood Inc. reported the following information for 2018: Beginning inventory$25,000Ending inventory64,000Sales revenue1,000,000Cost of goods sold620,000A physical count of inventory at the end of the year
Haywood Inc. reported the following information for 2018:
Beginning inventory$25,000Ending inventory64,000Sales revenue1,000,000Cost of goods sold620,000A physical count of inventory at the end of the year showed that ending inventory was actually $65,000.
Required:
1.What is the correct cost of goods sold and gross profit for 2018?
Cost of goods sold$Gross profit$
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