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Compute Hot Bread correct gross profit

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Question - Hot Bread Bakery reported net sales revenue of $44,000 and cost of goods sold of $33,000.

Compute Hot Bread'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.

Reference no: EM132276479

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