4-2 e Company reported the following net income amounts: $62,000 $48,000 $60, 000 In 2017, the company discovered errors that been made in computing the ending inventories for 2014 and 2015, as follows: 2014 2015 Ending inventory understated by $4,000. Ending inventory understated by $8,000. Compute the correct net incomes for (1) 2014, (2) 2015, and (3) 2016. ANS: 2014 net income: As reported Correction for 2014 inventory Corrected net income 2015 net income: As reported Correction for 2014 inventory Corrected net income 2016 net income: $60,000 (8,000) As reported Correction for 2015 inventory understatement Corrected net income