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 $ 94,700 Assume that the ending inventory was accidentally overstated by $3,300 How would the inventory error affect Bonsai Boards cost of goods sold and gross profit for the year ended December 31, 2015, if the error is not corrected in 2014

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 was accidentally overstated by $3,300. How would the inventory error affect Bonsai Boards’ cost of goods sold and gross profit for the year ended December 31, 2015, if the error is not corrected in 2014?

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