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In 2016, Winslow International, Inc.s controller discovered that ending inventories for 2014 and 2015 were overstated by $200,000 and $500,000, respectively. Determine the effect of

In 2016, Winslow International, Inc.s controller discovered that ending inventories for 2014 and 2015 were overstated by $200,000 and $500,000, respectively. Determine the effect of the errors on retained earnings at January 1, 2016. (Ignore income taxes.)

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