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Question $4$ of $4-417$ WP#$3$

how to get lc and nrv in acco

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Question $4$ of $4$

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Sheffield Limited has a calendar$-$year accounting period. The following errors were discovered in $2023.$

The December $31,2021$ merchandise inventory had been understated by $$50,300.$

Merchandise purchased on account in $2022$ was recorded on the books for the first time in February $2023,$ when the original invoice for the correct amount of $$2,400$ arrived. The merchandise had arrived on December $28,2022,$ and was included in the December $31,2022$ merchandise inventory. The invoice arrived late because of a mix$-$up by the wholesaler.

Inventory, valued at $$1,200,$ held on consig ment by Sheffield was included in the December $31,2022$ count.

Calculate the effect of each error on the $2022$ net income. $($Do not leave any answer field blank. Enter $0$ for amounts.$)$

Net income $$

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Net income $$

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Net income $$ $ $$

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Calculate the effect, if any, that each error had on the related December $31,2022$ statement of financial position items. $($Do not leave any answer field blank. Enter $0$ for amounts.$)$