(Inventory Errors) The net income per books of Adamson Company was determined without knowledge of the errors indicated below. Prepare a work sheet to show the adjusted net income figure for each of the 6 years after taking into account the inventory errors.

Transcribed Image Text:

Error in Ending Net Income per Books Year 2006 2007 2008 2009 2010 2011 Inventory $50,000 52,000 $ 5,000 Overstated 11,000 Understated No error 56,000 58,000 2,000 10,000 Understated Overstated 60,000