A company's gross profit as a percentage of sales increased from 24% in the year ended 31 December 20X1 to 27% in the year ended 31 December 20X2. Which of the following events is most likely to have caused the increase? A An increase in sales volume B A purchase in December 20X1 mistakenly being recorded as happening in January 20X2 C Overstatement of the closing inventory at 31 December 20X1 D Understatement of the closing inventory at 31 December 20X1    Please explain each option that wh

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