Assume the 2009 ending inventory of Shea’s Shrimp Shack was overstated - 10256

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Assume the 2009 ending inventory of Shea’s Shrimp Shack was overstated by $74,000.

 

 

 

Required:

 

 

 

How would this affect the amounts reported for cost of goods sold and gross profit for 2009 and 2010?

 

 

 

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