Question: ABC, Inc., reported these figures for its fiscal year (amounts in millions): Net sales............................... $ 1,900 Cost of goods sold................ 1,130 Ending inventory .................. 450

ABC, Inc., reported these figures for its fiscal year (amounts in millions):
Net sales............................... $ 1,900
Cost of goods sold................ 1,130
Ending inventory.................. 450
Suppose ABC later learns that Ending inventory was overstated by $14 million. What are the correct amounts for?
(a) Net sales
(b) Ending inventory
(c) Cost of goods sold
(d) Gross profit?

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