Wacky Wicks Company experienced the following undiscovered errors in its ending inventory values.

Year	Error in Ending Inventory
2015	Understated	$10,000
2016	Overstated	$15,000
2017	Understated	$20,000
2018	No error

Instructions

For each year, determine the error in net income and in retained earnings.

Include in your answer whether the net income and retained earnings are over- or under-stated and by what amount (e.g., Over $500.)

Show supporting work.

	Net Income	Retained Earnings
2015
2016
2017
2018