Wonder Company just completed a physical inventory count of its inventory at year-end, Dec. 31, 2021. The count included all items on its shelves and in storage. The inventory amounted to $50,000. During the audit, the independent CPA discovered the following additional information: On December 31, Wonder shipped $750 worth of goods to a customer, FOB destination. The goods are expected to arrive at their destination on January 8, 2022. Because the goods were not on hand, they were not included in the physical count. On December 28th, a customer purchased goods for cash amounting to $1,500 and left them "for pickup on January 3, 2022". At that time, Wonder sorted and separated the goods and identified them as belonging to the customer. Wonder Company paid $850 for the goods and because they were on hand, included the goods in the physical inventory count. On December 30, Wonder purchased goods costing $1,175. The goods were shipped from the supplier, FOB shipping point. Because the goods were not in the warehouse, they were excluded from the physical count. Determine the correct inventory balance for Wonder on December 31, 2021. $47,225 $52,775 $51,075 $49,575 $50,425 1. Condensed income statements for a company for two years are shown below: 2020 2021 Sales $126,000 $105,000 Cost of Goods Sold 75,000 54,000 Gross Profit $51,000 $51,000 Operating Expenses 30,000 30,000 Net Income $21,000 $ 21,000 At the end of 2021, the company discovered that an error had resulted in a $3,000 overstatement of the 2020 ending inventory. What is the corrected net income for 2020 and 2021? O 2020 - $18,000 2021 -$27,000 O 2020 $18,000 2021 - $24,000 2020 - $24,000 2021 - $15,000 O2020-$24,000 2021 - $18,000 O None of the above