Hudson River Truck Parts, Inc., reported sales revenue of $351,000 and cost of goods sold of $216,000.
Question:
Hudson River Truck Parts, Inc., reported sales revenue of $351,000 and cost of goods sold of $216,000.
Requirements
1. Compute Hudson River Truck Parts, Inc.'s correct gross profit assuming the company's ending inventory is overstated by $1,300. Show your work.
2. Compute Hudson River Truck Parts, Inc.'s correct gross profit assuming the company's ending inventory is understated by $2,800. Show your work?
Ending InventoryThe 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 =...
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Req 1 Sales Revenue 351000 Cost of Goods Sold 216000 130...View the full answer
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