Question: Inventory errors (Learning Objective 6) 1015 min. Old Time Bakery reported sales revenue of $134,000 and cost of goods sold of $89,000. Requirements 1. Compute
Inventory errors (Learning Objective 6) 10–15 min.
Old Time Bakery reported sales revenue of $134,000 and cost of goods sold of $89,000.
Requirements 1. Compute Old Time Bakery’s correct gross profit assuming the company’s ending inventory is overstated by $1,100. Show your work.
2. Compute Old Time Bakery’s correct gross profit assuming the company’s ending inventory is understated by $2,200. Show your work.
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