Problem

Effect of an inventory error—one year onlyCalifornia Pool Supplies’ inventory data for the...

Effect of an inventory error—one year only

California Pool Supplies’ inventory data for the year ended December 31, 2012, follow:

Assume that the ending inventory was accidentally overstated by $2,400.

Requirement

1. What are the correct amounts for cost of goods sold and gross profit?

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Solutions For Problems in Chapter 6

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