ABC, Inc , reported these figures for its fiscal year (amounts in millions) Net sales $ 1,900 Cost of goods sold 1,130 Ending inventory 450 Suppose ABC later learns that Ending inventory was overstated by $14 million What are the correct amounts for (a) Net sales (b) Ending inventory (c) Cost of go...

Correct Amount Millions a Ne ...

ABC, Inc., reported these figures for its fiscal year (amounts in millions): Net sales............................... $ 1,900 Cost

Question:

ABC, Inc., reported these figures for its fiscal year (amounts in millions):
Net sales............................... $ 1,900
Cost of goods sold................ 1,130
.................. 450
Suppose ABC later learns that was overstated by $14 million. What are the correct amounts for?
(a) Net sales
(b)
(c) Cost of goods sold
(d) Gross profit?

Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...