A trader’s income statement showed sales of $10000$ and cost of sales of $7070$. During the year, the trader withdrew goods for personal use, with a cost of $280$ and a selling price of $410$, but this had not been entered. What impact did the omission have on gross margin?
- A$2.8\%$ overstated
- B$2.8\%$ understated
- C$4.1\%$ overstated
- D$4.1\%$ understated