Question

Tropical Tanning Supply’s income statement data for the year ended December 31, 2012, follow.
Sales Revenue .... $241,500
Cost of Goods Sold . 147,800
Gross Profit .... $ 93,700

Assume that the ending inventory was accidentally overstated by $3,500. How would the inventory error affect Tropical Tanning Supply’s cost of goods sold and gross profit for the year ended December 31, 2013, if the error is not corrected in 2012?



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  • CreatedApril 29, 2014
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