S6-12
(Learning Objective 6: Analyze the effect of an inventory errorAc€??one year only) CWD, Inc., reported these figures for its fiscal year (amounts in millions):
Net sales
$ 2,500
Cost of goods sold
1,160
Ending inventory
480
Suppose CWD later learns that ending inventory was overstated by $13 million. What are the correct amounts for (a) net sales, (b) ending inventory, (c) cost of goods sold, and (d) gross profit?