Question

La Castle Bakery reported sales revenue of $41,000 and cost of goods sold of $21,000. Compute La Castle’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 $5,000.
b. Ending merchandise inventory is understated by $5,000.


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  • CreatedJune 12, 2015
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