Tropical Tanning Supplys income statement data for the year ended October 31, 2012, follow. Sales Revenue .....
Question:
Sales Revenue ..... $ 241,500
Cost of Goods Sold ... 147,800
Gross Profit ...... $ 93,700
Assume that the ending inventory was accidentally overstated by $5,900.
What are the correct amounts for cost of goods sold and gross profit?
Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...
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