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Flounder Inc. reported the following partial statement of income data for the years ended December 31, 2024 and 2023 : The company reported inventory in
Flounder Inc. reported the following partial statement of income data for the years ended December 31, 2024 and 2023 : The company reported inventory in the statement of financial position at $42,000,$53,900, and $48,800 at the end of 2022,2023 , and 2024, respectively. The ending inventory amounts for 2022 and 2024 are correct. However, the company has understated the ending inventory at December 31,2023 , by $8,118. (a) Prepare correct statements of income for 2023 and 2024 through to gross profit
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