Question

Grandma Kate’s Bakery reported sales revenue of $ 52,000 and cost of goods sold of $ 22,000.
Compute Grandma Kate’s correct gross profit if the company made either of the following independent accounting errors. Show your work.
a. Ending merchandise inventory is overstated by $ 6,000.
b. Ending merchandise inventory is understated by $ 6,000.



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  • CreatedJanuary 16, 2015
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