The following amounts have been extracted from the accounts of Sell-It at its year-end, December 31: • Sales $50,000 • Cost of Goods Sold $43,000 • Inventory $10,000 • Account Payable $ 8,000 • The gross profit which Sell-it would report is:
A) $50,000 B) $40,000 C) $7,000 D) $15,000
• If an error were made computing Sell-its ending inventory and inventory were understated by $2,000 then:
A) gross profit is understated by $2,000
B) liabilities are overstated by $2,000
C) net income is overstated by $2,000
D) none of the above
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