Exercise 8-10 The net income per books of Monty Industries Limited was determined without any knoledge of the following errors. The 2012 year was Monty's first year in business. No dividends have been declared or paid Net Income Error inn Year per Books Ending Inventory 2012 $50,400 2013 53,600 Overstated 8,500 2014 55,900 Understated 10,900 2015 57,400 2016 59,400 Understated 2,100 2017 60,100 Overstated 9,200 Overstated $5,700