During 2015, Passage Company discovered that the ending inventories reported on its financial statements were incorrect by the following amounts: Prior to any adjustments for these errors, 2015 Net Income would be:

Select one:

a. Correct

b. $75,000 overstated

c. $15,000 overstated

d. $135,000 overstated

e. $75,000 understated

2013 $60,000 understated 2014 $75,000 overstated ed te at ta st er de nv uo 00 00 00 05 67 34 00 22