Repeat M7 14, except assume the 2014 ending inventory was overstated by $100,000 Refer to M7 14, Assume the 2014 ending inventory of Shea 's Shrimp Shack was overstated by $10,000 Explain how this error would affect the amounts reported for cost of goods sold and gross profit for 2014 and 2015

Question: Repeat M7-14, except assume the 2014 ending inventory was overstated by $100,000. Refer to M7-14, Assume the 2014 ending inventory of Shea's Shrimp Shack was

Repeat M7-14, except assume the 2014 was overstated by $100,000.
Refer to M7-14,
Assume the 2014 of Shea's Shrimp Shack was overstated by $10,000. Explain how this error would affect the amounts reported for cost of goods sold and gross profit for 2014 and 2015.

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