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Purpose: This exercise will enable you to practice identifying the effects of inventory errors on the financial statements.
The net income per books of Wacky Wicks Company was determined without knowledge of the errors indicated.
Year
Net Income Per Books
Error in Ending Inventory
2011
$ 150,000
Overstated $ 9,000
2012
156,000
Overstated 21,000
2013
162,000
Understated 33,000
2014
168,000
No error
Instructions
Compute the correct net income figure for each of the four years after taking into account the inventory errors.
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