Question: CWD, Inc., reported these figures for its fiscal year (amounts in millions): Net sales............................... $ 2,500 Cost of goods sold................ 1,160 Ending inventory .................. 480

CWD, Inc., reported these figures for its fiscal year (amounts in millions):
Net sales............................... $ 2,500
Cost of goods sold................ 1,160
Ending inventory.................. 480

Suppose CWD later learns that Ending inventory was overstated by $13 million. What are the correct amounts for
(a) Net sales,
(b) Ending inventory,
(c) Cost of goods sold, and
(d) Gross profit?

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