question archive 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 accidently overstated by $500
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 accidently overstated by $500
Subject:BusinessPrice: Bought3
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 accidently overstated by $500. What are the correct amounts for Cost of Goods Sold and Gross Profit?
