Mount Valley Bakery reported net sales revenue of $30,000 and cost of goods sold of $17,000. Compute Mount Valley's correct gross profit if the company made either of the following independent accounting errors a. Ending merchandise inventory is overstated by $4,000 b. Ending merchandise inventory is understated by $4,000. Cost of Goods Sold and Gross Profit Corrected for the Error As Reported Incorrect Ending Merchandise Inventory: (a) Overstated (b) Understated by $4,000 by $4,000 30,000 $ 30,000 Net sales revenue 30,000 $ 17,000 Cost of goods sold Gross profit Enter any number in the edit fields and then click Check Answer All parts showing Clear All