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How the inventory error affect van dyke pool supplies cost

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Problem - Van Dyke Pool Supplies' merchandise inventory data for the year ended December 31, 2015, follow:

Sales Revenue

 

$59,000

Cost of Goods Sold:

 

 

Beginning Merchandise inventory

$4,100

 

Net Cost of Purchases

32,200

 

Cost of Goods Available for Sale

36,300

 

Less: Ending Merchandise Inventory

3,600

 

Cost of Goods Sold

 

$32,700

Gross Profit

 

$26,300

1. Assume that the ending merchandise inventory was accidentally overstated by $2200. What are the correct amounts for cost of goods sold and gross profit?

2. How would the inventory error affect Van Dyke Pool Supplies' cost of goods sold and gross profit for the year ended December 31, 2016, if the error is not corrected in 2015?

Reference no: EM131600384

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