Office Stop Supplies' $3.7 million cost of inventory at the end of last year was understated by $1.0 million. Read the requirements. 1. Was last year's reported gross profit of $2.4 million overstated, understated, or correct? What was the correct amount of gross profit last year? Last year's reported gross profit of $2.4 million was understated. The correct amount of gross profit for last year is $ 3.4 million. 2. Is this year's gross profit of $2.6 million overstated, understated, or correct? What is the correct amount of gross profit for the current year? This year's reported gross profit of $2.6 million is overstated. The correct amount of gross profit for this year is 1.6 million. $ 3. Was last year's reported cost of goods sold of $5.5 million overstated, understated, or correct? What was the correct amount of cost of goods sold last year? Last year's reported cost of goods sold of $5.5 million was The correct amount of cost of goods sold for last year is million. Requirements 1. Was last year's reported gross profit of $2.4 million overstated, understated, or correct? What was the correct amount of gross profit last year? 2. Is this year's gross profit of $2.6 million overstated, understated, or correct? What is the correct amount of gross profit for the current year? 3. Was last year's reported cost of goods sold of $5.5 million overstated, understated, or correct? What was the correct amount of cost of goods sold last year? 4. Is this year's cost of goods sold of $5.7 million overstated, understated, or correct? What is the correct amount of cost of goods sold for this year? Print Done