QUESTION Data for Shelby Company for the current year is as follows. Sales revenue Cost of goods sold: Beginning inventory Net purchases $3,000 7.000 Cost of goods available for sale 10,000 Less: Ending inventory Cost of goods sold Gross margin $10,000 2.000 8.000 $2.000 Assume that the ending inventory was accidently understated by $300. What are the correct amounts for cost of goods sold and gross margin? ANSWER Cost of goods sold $8,300 Gross margin-$2,300 Cost of goods sold - $7,700 Gross margin- $1,700 Cost of goods sold - $8,300 Gross margin- $1,700. Cost of goods sold $7,700 Gross margin $2,300 I DON'T KNOW YET submit