Homework: Chapter 6 Score: 0 of 5 pts 4 of 5 (4 complete) E6-23 (book/static) Ho

Question

Homework: Chapter 6 Score: 0 of 5 pts 4 of 5 (4 complete) E6-23 (book/static) Hot Bread Bakery reported net sales revenue of $44,000 and cost of goods sold of $33,000 Compute Hot a. Ending merchandise inventory is overstated by $0,000 b. Ending merchandise inventory is understated by $8.000 s comect gross p r the company made ndent accounting e Cost of Goods Sold and Gross Profit Corrected for the Error Ending Merchandise Inventory: As Reported(a) Overstated (b) Understated Incorrect by $8,000 by $8,000 Net sales revenue $ Cost of goods sold Gross protit 44,000 $ 33,000 44.000 S 14,000

Explanation / Answer

As reported-Incorrect (a) Overstated by $8,000 (b) Understated by $8,000 Net sales revenue $44,000 $44,000 $44,000 Cost of goods sold $33,000 $25,000 $41,000 Gross profit $11,000 $19,000 $3,000

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