Exercise 8-26

The net income per books of Concord Company was determined without knowledge of the errors indicated below.

Year		Net Income per Books		Error in Ending Inventory
2012		$45,200		Overstated		$ 3,180
2013		47,370		Overstated		9,890
2014		49,310		Understated		10,640
2015		51,140		No error
2016		53,040		Understated		2,030
2017		55,060		Overstated		7,750

Prepare a worksheet to show the adjusted net income figure for each of the 6 years after taking into account the inventory errors. Recall that ending inventory from one year becomes beginning inventory in the next year.