Question

Old Time Bakery reported sales revenue of $134,000 and cost of goods sold of $89,000.

Requirements
1. Compute Old Time Bakery’s correct gross profit assuming the company’s ending inventory is overstated by $1,100. Show your work.
2. Compute Old Time Bakery’s correct gross profit assuming the company’s ending inventory is understated by $2,200. Show your work.



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  • CreatedApril 29, 2014
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