Data for shelby company for the current year is as follows:
sales revenue $10,000
cos...
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Business, 19.11.2019 06:31 andybiersack154
Data for shelby company for the current year is as follows:
sales revenue $10,000
cost of goods sold:
beginning merchandise inventory $3,000
net cost of purchases 7,000
cost of goods available for sale 10,000
less: ending merchandise inventory 2,000
cost of goods sold 8,000
gross profit $2,000
assume that the ending merchandise inventory was accidentally understated by $300. what are the correct amounts for cost of goods sold and gross profit?
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