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What are the correct amounts for cost of goods sold profit

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Question 1: What it means to be overstated/understated. for example

Question 2: (Assume that the ending Merchandise Inventory was accidentally overstated by $500. What are the correct amounts for Cost of Goods Sold and Gross Profit?) and according to course hero if the inventory is overstated by 500 automatically need to add 500 to cost of good sold but then my gross profit becomes understated so i have to subtract 500.

Reference no: EM132476463

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