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Data for Shelby Company for the current year is as follows: Sales Revenue $10,000 ...

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Accounting

Data for Shelby Company for the current year is as follows: Sales Revenue $10,000

Cost of Goods Sold: Beginning Merchandise Inventory $3,000

Net Cost of Purchases 7,000_

Cost of Goods Available for Sale 10,000

Less: Ending Merchandise Inventory 2,000_

Cost of Goods Sold 8,000_

Gross Profit $2,000

_ Assume that the ending Merchandise Inventory was accidently overstated by $500. What are the correct amounts for Cost of Goods Sold and Gross Profit?

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