Search the web... Course Home xC Accounting question |Ch x Ch7HW × ?G Determine

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Search the web... Course Home xC Accounting question |Ch x Ch7HW × ?G Determine whether the- View Grades-2018SU 1. ? Cezto.mheducation.com/hm.tpx 25.00 ponbs PB7-5 (Supplement 7B) Analyzing and Interpreting the Effects of Inventory Eors [LO 7-S2] Spears & Cantrel anounced inveiory had been overstated by 390 at the end f its second quarter. The or nasnt discovered and comecred in te company&pelocie; inveorysyem unil ather the end ofthe hind quaner. The fel loing table shows she amounts that ivere oginaly reported by the company 02 4C00 400 $4 030 Cost of Gcods Sold 200 308 3,520 Gross Prof 31200 1.440 $1,380 Required: 1 Restate the income statements to relet the comect amcunts, aher foing the inventory eor Income Statemments (Corrected) Nat Salcs of Goods Sold Gross Prot 2-a, computo tra gross pron: peroentaga tor aach auanar ia) before the corracton and (b) anar the comection. (Round your answers to the nearest whole percent) her Comection 2-b Do the results lend condense to your “meed amours? References eBook & Resources 4:09 PM 6/25/2018

Explanation / Answer

Solution:

1.

2.a

2.b

Yes.

Net sales 4,000 4,500 4,900 Cost of goods sold 2,800 3,150 3,430 Gross profit 1,200 1,350 1,470

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