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  3. aunt betty bakery reported net sales revenue of $5

Aunt Betty Bakery reported net sales revenue of $53,000 and cost of goods sold of...

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Accounting

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Aunt Betty Bakery reported net sales revenue of $53,000 and cost of goods sold of $31,000. Compute Aunt Betty's correct gross profit if the company made either of the following independent accounting errors. a. Ending merchandise inventory is overstated by $8,000 b. Ending merchandise inventory is understated by $8.000. Cost of Goods Sold and Gross Proft Corrected for the Error Ending Merchandise Inventory: As Reported Incorrect (a) Overstated by $8,000 /(b) Understated by $8,000 Net sales revenueS Cost of goods sold Gross profit 53,000 $ 53,000 53,000 S 31,000

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