Hull Company reported the following income statement information for the current year: The beginning inventory balance is correct.However,the ending inventory figure was overstated by $20,000.Given this information,the correct gross profit would be:
A)$149,000.
B)$169,000.
C)$129,000.
D)$142,000.
E)$112,000.

Question

Hull Company reported the following income statement information for the current year:  The beginning inventory balance is correct.However,the ending inventory figure was overstated by $20,000.Given this information,the correct gross profit would be:
A)$149,000. 
B)$169,000. 
C)$129,000. 
D)$142,000. 
E)$112,000.

Quizplus · Accepted Answer

The Answer of Hull Company reported the following income statement information for the current year:  The beginning inventory balance is correct.However,the ending inventory figure was overstated by $20,000.Given this information,the correct gross profit would be:
A)$149,000. 
B)$169,000. 
C)$129,000. 
D)$142,000. 
E)$112,000.

Hull Company Reported the Following Income Statement Information for the Current