A company’s accounts showed a gross profit for the year of $32 500. After the draft financial statements were prepared it was found that the opening inventory had been overstated by $2400 and the closing inventory had been understated by $3400.
What is the corrected gross profit for the year?
1 )
$26 700
2 )
$31 500
3 )
$33 500
$38 300
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