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The following inventory errors have been discovered for Southwest Corp: 2019 year-end inventory was overstated by $23,000 2020 year-end inventory was understated by $61,000 Determine

The following inventory errors have been discovered for Southwest Corp: 2019 year-end inventory was overstated by $23,000 2020 year-end inventory was understated by $61,000 Determine the 2020 net income (NI) and 2020 ending retained earnings (RE) impacts of these errors

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