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101) The following inventory valuation errors have been discovered for Jellison Corporation: The 2018 year-end inventory was understand by $17,000. The 2019 year-end inventory was
101) The following inventory valuation errors have been discovered for Jellison Corporation:
The 2018 year-end inventory was understand by $17,000.
The 2019 year-end inventory was overstated by $80,000.
Jellison's reported income before income taxes in these years was as follows:
Year | Income Before Taxes | ||
2018 | $ | 185,000 |
|
2019 |
| 210,000 |
|
Determine what income before taxes for 2018, 2019, should have been after correcting for the errors.
Please ASAP
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