Data for Shelby Company for the current year is as follows: Sales Revenue $10,000 ...
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Accounting
Data for Shelby Company for the current year is as follows: Sales Revenue $10,000
Cost of Goods Sold: Beginning Merchandise Inventory $3,000
Net Cost of Purchases 7,000_
Cost of Goods Available for Sale 10,000
Less: Ending Merchandise Inventory 2,000_
Cost of Goods Sold 8,000_
Gross Profit $2,000
_ Assume that the ending Merchandise Inventory was accidently overstated by $500. What are the correct amounts for Cost of Goods Sold and Gross Profit?
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