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What are the correct amounts for cost of goods

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Reference no: EM13527567

Effect of an inventory error-one year only

California Pool Supplies' inventory data for the year ended December 31, 2012, follow:

Sales revenue

$ 60,000

Cost of goods sold:

Beginning inventory

$ 4,200

Net purchases

26,600

Cost of goods available

$ 30,800

Ending inventory

(6,200)

Cost of goods sold

$ 24,600

Gross profit

$ 35,400

Assume that the ending inventory was accidentally overstated by $2,400.

Requirement

1. What are the correct amounts for cost of goods sold and gross profit?

Reference no: EM13527567

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