Question: Bonsai Board s income statement data for the year ended December

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 ending inventory 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?

View Solution:


Sale on SolutionInn
Sales0
Views58
Comments
  • CreatedJuly 08, 2015
  • Files Included
Post your question
5000