(Answered) Problem - the sandys gourmet foods merchandise inventory

Accounting

Problem - The Sandy's Gourmet Foods' merchandise inventory data for the year ended December 31, 2015, follow:

Sales Revenue		$70,000
Cost of goods Sold:
Beginning Merchandise inventory	$3,500
Net Cost of Purchases	20,000
Cost of Goods Available for Sale	23,560
Less: Ending Merchandise inventory	5,200
Cost of Goods Sold		18,360
Gross Profit		$51,640

Required - Assume that the ending merchandise inventory was accidentally overstated by $2.100. What are the correct amounts for cost of goods sold and gross profit?

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