Bonsai Boards income statement data for the year ended December 31, 2014, follow Sales Revenue $237,500 Cost of Goods Sold 142,800 Gross Profit $ 94,700 Assume that the ending inventory was accidentally overstated by $3,300 What are the correct amounts for cost of goods sold and gross profit ...

If ending inventory is overstated 3300 too much is deducted from cost of goods available for ...

Bonsai Boards income statement data for the year ended December 31, 2014, follow. Sales Revenue ....... $237,500

Question:

Bonsai Board’s income statement data for the year ended December 31, 2014, follow.
Sales Revenue ....... $237,500
Cost of Goods Sold .... 142,800
Gross Profit ........ $ 94,700
Assume that the was accidentally overstated by $3,300. What are the correct amounts for cost of goods sold and 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 =...