Question: Mountain Pool Supplies merchandise inventory data for the year ended

Mountain Pool Supplies’ merchandise inventory data for the year ended December 31, 2017, follow:
Requirements
1. Assume that the ending merchandise inventory was accidentally overstated by $1,300. What are the correct amounts for cost of goods sold and gross profit?
2. How would the inventory error affect Mountain Pool Supplies cost of goods sold and gross profit for the year ended December 31, 2018, if the error is not corrected in 2017?

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  • CreatedJune 12, 2015
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