Question: Tropical Tanning Supplys income statement data for the year ended October 31, 2012, follow. Sales Revenue ..... $ 241,500 Cost of Goods Sold ... 147,800

Tropical Tanning Supply’s income statement data for the year ended October 31, 2012, follow.
Sales Revenue ..... $ 241,500
Cost of Goods Sold ... 147,800
Gross Profit ...... $ 93,700

Assume that the was accidentally overstated by $5,900.

What are the correct amounts for cost of goods sold and gross profit?

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