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 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?


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  • CreatedJuly 08, 2015
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