A trader’s income statement recorded sales, $\$ 10000$, and cost of sales, $\$ 7070$. The trader had taken goods for his own use during the year, cost $\$ 280$, selling price $\$ 410$, but had omitted to record this.
What effect did the omission have on the gross margin?
1 )
2.8% overstated
2.8% understated
3 )
4.1% overstated
4 )
4.1% understated
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