Hello,

I'm after some assiatnce with the following question.

Many thanks

FMA Company reported the following income statement data: m- __E- -m View PDF Inventory balances at 1 January 2016 and 31 December 2017 are correct. However, the ending inventory at 31 December 2016 is overstated by $5000. Required Prepare corrected data for 2016 and 2017, identify all accounts that were affected by the error and whether they were overstated or understated, and calculate the cumulative two-year effect of the inventory error on gross prot