Measuring the effect of an inventory error aunt martha, Finance Basics

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Measuring the effect of an inventory error aunt martha

Question: Measuring the effect of an inventory error Aunt Martha Bakery reported sales revenue of $30,000 and cost of goods sold of $17,000. Compute Aunt Martha's correct gross profit if the company made either of the following independent accounting errors.

a. Ending merchandise inventory is overstated by $4,000.

b. Ending merchandise inventory is understated by $4,000.

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Finance Basics: Measuring the effect of an inventory error aunt martha

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