The accountant of Thomas Company discovers in the first week of January 2018 that the following errors were made by his staff.

a. Goods costing $4,650 were in transit (FOB shipping point) and were not included in the ending inventory. The invoice had been received and the purchase recorded.

b. Damaged goods (cost $4,175) that were being held for return to the supplier were included in inventory. The goods had been recorded as a purchase and the entry for the return of these goods had also been made.

c. Inventory items costing $3,990 were incorrectly excluded from the final inventory. These goods had not been recorded as a purchase and had not been paid for by the company.

d. Goods that were shipped FOB destination had not yet arrived and were not included in inventory. However, the invoice had arrived on December 30, 2017, and the purchase for $2,730 was recorded.

e. Goods that cost $2,460 were segregated and not included in inventory because a customer expressed an intention to buy the goods. The sale of the goods for $4,275 had been recorded in December 2017. Required:

Using the format provided below, show the correct amount for net purchases, profit, accounts payable, and inventory for Thomas Company as at December 31, 2017. (Negative answers should be indicated by a minus sign. Do not leave any empty spaces; input a 0 wherever it is required.)

	Net Purchases	Net Income	Accounts Payable	Inventory
Balance per company's books	$325,750	$25,375	$32,125	$18,700
a.
b.
c.
d.
e.
Correct Balances	$325,750	$25,375	$32,125	$18,700