Business, 10.03.2020 04:00, natalie2sheffield

Richardson Supply's $3.9 million cost of inventory at the end of last year was understated by $1.2 million.

a. Was last year's reported gross profit of $2.9 million overstated, understated, or correct? What was the correct amount of gross profit last year?
b. Is this year's gross profit of $3.6 million overstated, understated, or correct? What is the correct amount of gross profit for the current year?
c. Was last year's reported cost of goods sold of $5.4 million overstated, understated, or correct? What was the correct amount of cost of goods sold last year?
d. Is this year's cost of goods sold of $5.7 million overstated, understated, or correct? What is the correct amount of cost of goods sold for this year?

Answers: 3

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Richardson Supply's $3.9 million cost of inventory at the end of last year was understated by $1.2 m...