Black and Blue, Inc., overlooked $100,000 of inventory at the end of the current year because it was stored temporarily in a warehouse owned by another company. Before discovering this error, the company’s income statement showed the following:
Sales | $990,000 |
Cost of goods sold | (560,000) |
Gross profit | $430,000 |
Restate these figures to reflect the inclusion of the overlooked inventory.
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