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 overstated by $500. What are the correct amounts for Cost of Goods Sold and Gross Profit?

$8,500 and $1,500

Explanation:

The computation of the corrected amount for the cost of goods sold and the gross profit is shown below:

Since the ending inventory is overstated by $500 that means it is extra added so we deduct this amount from the ending inventory i.e

= $2,000 - $500

= $1,500

Now the cost of goods sold is

= Sales revenue - ending inventory

= $10,000 - $1,500

= $8,500

And, as we know that

Gross profit = Sales revenue - the cost of goods sold

= $10,000 - $8,500

= $1,500

the answer choices are:

provides online banking

provides automatic payment services

provides home loans by using saving accounts

accept tax return refunds

hopefully someone can answer the question now lol

fractionally backed paper money

fiat money

paper money

metallic money