(SOLVED) ABC Inc reported these figures for its fiscal year amounts


Question Description:

$19

ABC, Inc., reported these figures for its fiscal year (amounts in millions):Net sales…………………………. $ 1,900Cost of goods sold……………. 1,130Ending inventory……………… 450Suppose ABC later learns that ending inventory was overstated by $14 million. What are the correct amounts for? (a) Net sales(b) Ending inventory(c) Cost of goods sold(d) Gross profit?

Answer

$19