. (Inventory Errors) The net income per books of Linda Patrick Company was determined without knowledge of the errors indicated. Year Net Income per Books
. (Inventory Errors) The net income per books of Linda Patrick Company was determined without knowledge of the errors indicated.
| Year | Net Income per Books | Error in Ending Inventory | ||
| 2017 | 54,000 | Understated | 11,000 | |
| 2018 | 56,000 | No error | ||
| 2019 | 58,000 | Overstated | 2,000 | |
Instructions
Calculate the adjusted net income figure for each of the 3 years after taking into account the inventory errors.
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Authors: Laura R. Ingraham, C. Janie Chang
1st Edition
0471450871, 978-0471450870
