Question

California Pool Supplies’ merchandise inventory data for the year ended December 31, 2015, follow:


Requirements
1. Assume that the ending merchandise inventory was accidentally overstated by $ 2,400. What are the correct amounts for cost of goods sold and gross profit?
2. How would the inventory error affect California Pool Supplies’ cost of goods sold and gross profit for the year ended December 31, 2016, if the error is not corrected in2015?


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  • CreatedJanuary 16, 2015
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