Multiple Choice
Cascade Supply Company's income statement includes sales revenue $122,000, cost of goods sold $80,000, and gross profit $42,000. If ending inventory was accidentally overstated by $5,000, what is the correct amount for gross profit?
A) $37,000
B) $42,000
C) $47,000
D) $52,000
Correct Answer:
Verified
Correct Answer:
Verified
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