Problemcwd inc reported these figures for its fiscal year, Ask an Expert

Accounting

Problem:

CWD, Inc., reported these figures for its fiscal year (amounts in millions):

Net sales	$ 2,500
Cost of goods sold	1,160
Ending inventory	480

Required:

Suppose CWD later learns that ending inventory was overstated by $13 million. What are the correct amounts for (a) net sales, (b) ending inventory, (c) cost of goods sold, and (d) gross profit?

Note: Provide support for your rationale.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91163801

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