Boston Auto reported sales revenue of $160,000 and cost of goods sold of $90,000. Requirements 1….

Boston Auto reported sales revenue of $160,000 and cost of goods sold of $90,000. Requirements 1. Compute Boston Auto’s correct gross profit assuming the company’s ending inventory is overstated by $1,400. Show your work. 2. Compute Boston Auto’s correct gross profit assuming the company’s ending inventory is understated by $2,400. Show your work.

 

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