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 How would the inventory error affect Bonsai Boards cost of goods sold and g...

Because the uncorrected ending inventory error in 20 ...

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. How would the inventory error affect Bonsai Boards’ cost of goods sold and gross profit for the year ended December 31, 2015, if the error is not corrected in 2014?
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 =...