Problem 5 An audit of the inventory records of Omni Inc. identified a number of errors. These errors are summarized in Exhibit A below: EXHIBIT A Year Net Income Reported Description of Error 2013 $120,000 Overstatement of ending inventory $11,000 2014 $95,000 Understatement of ending inventory $1,500 2015 $99,000 Understatement of ending inventory $18,000 2016 $105,000 Overstatement of ending inventory $20,000 2017 $120,000 Overstatement of ending inventory $5,200 Instructions a) As financial accountant for Omni, you have been asked to calculate the corrected net income amounts for each of the five years based on the audit findings. b) Review your solution to part a) and consider the self correcting effect of inventory errors. Why does total reported net income not equal total corrected income