New York Pool Supplies's merchandise inventory data for the year ended December 31, 2019, follow: Requirements 1.
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Requirements
1. Assume that the ending merchandise inventory was accidentally overstated by $1,800. What are the correct amounts for cost of goods sold and gross profit?
2. How would the inventory error affect New York Pool Supplies cost of goods sold and gross profit for the year ended December 31, 2020, if the error is not corrected in 2019?
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Related Book For
Horngrens Financial And Managerial Accounting The Financial Chapters
ISBN: 9780134486840
6th Edition
Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura
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