New York Pool Supplies' merchandise inventory data for the year ended December 31, 2025, follow: (Click the icon to view the inventory data.) Read the requirements. Requirement 1. Assume that the ending merchandise inventory was accidentally overstated by $1,800. What are the correct amounts for cost of goods sold and gross profit? Cost of goods sold in 2025 would be Data table Net Sales Revenue Cost of Goods Sold: Beginning Merchandise Inventory Plus: Net Cost of Inventory Purchased Cost of Goods Available for Sale Less: Ending Merchandise Inventory Cost of Goods Sold Gross Profit $ ⠀⠀⠀| 4,900 32,500 37,400 4,700 - X $ 58,000 32,700 $ 25,300

New York Pool Supplies' merchandise inventory data for the year ended December 31, 2025, follow: (Click the icon to view the inventory data.) Read the requirements. Requirement 1. Assume that the ending merchandise inventory was accidentally overstated by $1,800. What are the correct amounts for cost of goods sold and gross profit? Cost of goods sold in 2025 would be Data table Net Sales Revenue Cost of Goods Sold: Beginning Merchandise Inventory Plus: Net Cost of Inventory Purchased Cost of Goods Available for Sale Less: Ending Merchandise Inventory Cost of Goods Sold Gross Profit $ ⠀⠀⠀| 4,900 32,500 37,400 4,700 - X $ 58,000 32,700 $ 25,300

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 7MCQ

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Similar questions

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