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...

Correct Amount Millions a Ne ...

CWD, Inc., reported these figures for its fiscal year (amounts in millions): Net sales............................... $ 2,500 Cost

Question:

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

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

Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...