Question: Bonsai Boards income statement data for the year ended December 31, 2014, follow. Sales Revenue ....... $237,500 Cost of Goods Sold .... 142,800 Gross Profit

Bonsai Board’s income statement data for the year ended December 31, 2014, follow.
Sales Revenue ....... $237,500
Cost of Goods Sold .... 142,800
Gross Profit ........ $ 94,700
Assume that the ending inventory was accidentally overstated by $3,300. What are the correct amounts for cost of goods sold and gross profit?

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