An audit of the inventory records of Missouri Inc. identified a number of errors. These...
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Accounting
An audit of the inventory records of Missouri Inc. identified a number of errors. These errors are summarized in Exhibit A below:
| EXHIBIT A | |||
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| Year | Net Income | Description |
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| Reported | of Error |
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| 2016 | $96,000 | Understatement of ending inventory | $8,800 |
| 2017 | $76,000 | Overstatement of ending inventory | $1,200 |
| 2018 | $79,200 | Overstatement of ending inventory | $14,400 |
| 2019 | $84,000 | Understatement of ending inventory | $16,000 |
| 2020 | $96,000 | Overstatement of ending inventory | $4,160 |
Instructions
- As financial accountant for Missouri, you have been asked to calculate the corrected net income amounts for each of the five years based on the audit findings.
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