(L.OBJ. 6) Measuring the effect of an inventory error [10—15 min]
Hudson River Bakery reported sales revenue of $29,000 and cost of goods sold of $11,000.
Requirement
1. Compute Hudson River’s correct gloss profit if the company made either of the following independent accounting errors. Show your work.
a. Ending inventory is overstated by $3,000.
b. Ending inventory is understated by $3,000.
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