Office$$Stop$$Supplies$\text{'}$

$ $4\mathrm{.}3$$$4\mathrm{.}3$

million cost of inventory at the end of last year was understated by

$ $1\mathrm{.}0$$$1\mathrm{.}0$

million.

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Part $1$

$1.$ Was last$$ year's reported gross profit of

$$$$2\mathrm{.}32\mathrm{.}3$

million$$ overstated, understated, or$$ correct? What was the correct amount of gross profit last$$ year?

Last year's reported gross profit of $$2\mathrm{.}3$ million was

$$

The correct amount of gross profit for last

year is

$$

million.