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An audit of the inventory records of Mount Enterprises identified a number of errors. These errors are summarized in Exhibit A below: + EXHIBITA Year
An audit of the inventory records of Mount Enterprises identified a number of errors. These errors are summarized in Exhibit A below: + EXHIBITA Year 2017 2018 2019 2020 2021 Net Income Description Reported of Error $144,000 Understatement of ending inventory $114,000 Overstatement of ending inventory $118,800 Overstatement of ending inventory $126,000 Understatement of ending inventory $144,000 Overstatement of ending inventory $13,200 $1,800 $21,600 $24,000 $6,240 Instructions a) As financial accountant for Mount Enterprises, 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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