Vaughn Inc. reported total assets of $6407000 and net income of $505000 for the current year. Vaughn determined that inventory was understated by $140000 at the beginning of the year and $60800 at the end of the year. Ignoring income taxes, what is the corrected amount for total assets and net income for the year?

$6346200 and $584200.

$6407000 and $505000.

$6467800 and $425800.

$6467800 and $565800.