Part 1: Inventory Errors Company D has recorded Net Income for three years as follows: 2011 $25 2012 $29 2013 $17 A review of their records indicates that ending inventory was overstated in 2011 by $5, and Understated in 2012 by $1. There were no new errors in 2013. Complete the following chart to indicate whether each category was overstated or understated and by how much: 2012 2013 2011 No Errors No Errors Beginning Inventory Ending Inventory Cost of Goods Sold Gross Profit Retained Earnings State what the corrected Net Income is for each of the three years will be: 2011: 2012: 2013