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reported these figures for its fiscal year (amounts in millions): BCF Inc. reported these figures for its fiscal year (amounts in millions): Net sales .......$
reported these figures for its fiscal year (amounts in millions):
BCF Inc. reported these figures for its fiscal year (amounts in millions): Net sales .......$ 1,300 Cost of goods sold. .................. 1.150 Ending inventory ......... 330 Suppose BCF later learns that ending inventory was overstated by $7 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 $1 million. (b) Ending inventory would be $ million. (c) Cost of goods sold would be $0 million. (d) Gross profit would be $ millionStep by Step Solution
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