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What are the correct amounts for cost of goods sold

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Reference no: EM131600356

Problem - The Sandy's Gourmet Foods' merchandise inventory data for the year ended December 31, 2015, follow:

Sales Revenue

 

$70,000

Cost of goods Sold:

 

 

Beginning Merchandise inventory

$3,500

 

Net Cost of Purchases

20,000

 

Cost of Goods Available for Sale

23,560

 

Less: Ending Merchandise inventory

5,200

 

Cost of Goods Sold

 

18,360

Gross Profit

 

$51,640

Required - Assume that the ending merchandise inventory was accidentally overstated by $2.100. What are the correct amounts for cost of goods sold and gross profit?

Reference no: EM131600356

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