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You began to work as an intern at Nitty-Gritty LLC, a CPA firm on January 2018. During the course of your examination of the 2017 financial statements of Dumb Corp, you discovered the following error in its inventory balance. The 2017 beginning-of-year inventory was overstated by $23,000 The 2017 end-of-year inventory was overstated by $50,000 You also discovered that a $50,000 payment for a 5-year insurance premium made on January 1. 2017 was debited to insurance expense. .Net income reported on the 2017 income statement before reflecting any adjustments for the above items) is $150,000. Assume closing entries have not been made and the 2017 financial statements have not been issued yet. What is the correct net income for Dumb Corp. for the year ended 12/31/2017? None of other answer choices is correct $137.000 $217.000 $163.000 In the notes to the financial statements included with its 2020 annual report, Market of Select Inc. disclosed the following information regarding inventories. Inventories The Company values inventories at the lower of cost or market. Cost was determined using the dollar value retail last-in, first-out ("LIFO") method for all inventories in fiscal years 2020 and 2019, respectively. Under the LIFO method, the cost assigned to items sold is based on the cost of the most recent items purchased. As a result, the costs of the first items purchased remain in inventory and are used to value ending inventory. The excess of estimated current costs over LIFO carrying value, or LIFO reserve, was $42 million and $50 million at December 31, 2020 and December 31, 2019, respectively If FIFO had been used in 2020, by how much would the 2020 pre-tax income be affected? $8 million lower 550 million lower None of other answer choices is correct 58 million higher