Larry Corp. reported 2018 net income of \$40,000 . However, the ending inventory in 2016 had been overstated by $ 8,000 and in 2017 had been understated by $ 3,000, and 2018's ending inventory had been overstated by $ 6,000. Larry's correct net income for 2018 was

a$ 31,000

b. $34,000

C. $43,000

d. $46,000

2- Ltd. used the LIFO retail inventory method to determine its ending inventory . The accounting ecords for the company contained the following relevant information : Cost $ 148,000 Net purchases Sales Beginning inventory Net markups Net markdowns Retail $ 179,000 91,000 25,000 5,000 4,000 12,000 What is the estimated ending inventory at retail?

a. $ 205,000

b$114,000

c. $ 160,000

d. $69,000