Mike's Auto Parts and Repairs Service's income statement data for the year ended August 31, 2018,...

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Mike's Auto Parts and Repairs Service's income statement data for the year ended August 31, 2018, follow. (Click the icon to view the data.) Assume the ending inventory was accidentally overstated by $5,900. What are the correct amounts for cost of goods sold and gross profit? Data table Cos Sales revenue 243,300 144,900 Cost of goods sold Gross profit 98,400 Print Done Mike's Auto Parts and Repairs Service's income statement data for the year ended August 31, 2018, follow. (Click the icon to view the data.) Assume the ending inventory was accidentally overstated by $5,900. What are the correct amounts for cost of goods sold and gross profit? Data table Cos Sales revenue 243,300 144,900 Cost of goods sold Gross profit 98,400 Print Done

Answer rating: 100% (QA)

cost of goods sold indicates the cost of goods or services being sold during the financi... View the full answer