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 accidentally understated by $300. what are the correct amounts for cost of goods sold and gross profit?

Cost of goods sold is $7,700

Gross Profit is $2,300

Explanation:

Cost of goods sold is Cost of goods available for sale less ending merchandise inventory. Ending merchandise understated by $300 means ending merchandise was accounted $300 less. So, $300 need to be added to ending merchandise. No ending merchandise is $2,300 (2,000 + 300)

Cost of goods sold will be 10,000 - 2,300 = $7,700

Gross profit is sales revenue less cost of goods sold which is computed as shown below:

Gross profit = 10,000 - 7,700

                    = $2,300

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