Riker Retail Ltd.'s fiscal year end is June 30.The following errors were discovered on July 3, 2021, as Riker was completing its year-end process.

a)When the inventory was counted on June 30, 2020, the inventory stored in a small room at the back of the warehouse was missed, and wasn't included in the beginning inventory.The cost of this inventory was $31,000.

b)Riker sold product on behalf of another company (LaForge Ltd.).When the inventory was counted on June 30, 2021, $9,600 of inventory on consignment for LaForge was accidentally included in Riker's inventory.

c)On June 25, 2021, Riker ordered $12,400 of merchandise from one of its suppliers.The terms of the purchase were fob shipping point.The inventory was included in Riker's year-end inventory count on June 30, and the purchase of the inventory was recorded on Riker's books on June 25.The merchandise arrived on July 2, 2021.

d)On February 2, 2021, Riker received an invoice from a supplier for $4,600 for the purchase of inventory.Riker's accounts payable clerk accidentally entered the invoice as $6,400.

e)February 2, 2021 was a bad day for Riker's accounts payable clerk.In addition to the error above, the invoice for shipping the above inventory ($350) was coded to "Rent expense" instead of being included as part of the cost of the inventory.

REQUIRED:

For each of the errors described above, describe the effect on Riker Retail's net income for the year ended June 30, 2021.