Tropical Tanning Supplys income statement data for the year ended December 31, 2012, follow Sales Revenue $241,500 Cost of Goods Sold 147,800 Gross Profit $ 93,700 Assume that the ending inventory was accidentally overstated by $3,500 How would the inventory error affect Tropical Tanning Supplys cost of goods sold and gross profit for the year ended December 31, 2013, if the error is not corrected in2012

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

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

Assume that the was accidentally overstated by $3,500. How would the inventory error affect Tropical Tanning Supply’s cost of goods sold and gross profit for the year ended December 31, 2013, if the error is not corrected in 2012?

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